Government-backed housing giants Fannie Mae and Freddie Mac are adopting new guidelines to streamline the process for short sales, which most real estate observers expect will outpace foreclosures in the coming year.
The guidelines, required by the Federal Housing Finance Agency and effective June 15, would require servicers of mortgages backed by Freddie and Fannie to review and respond to requests for short sales within 30 calendar days of receipt of a buyer’s offer.
A short sale is a transaction in which a lender agrees to accept less than the amount owed on the mortgage. It is a “strategic default,” designed to get a borrower out of financial trouble without having to go through the drawn-out legal tangle of the foreclosure process.
Given everything they knew about the lackluster housing market, Meghann and Cort Battles didn't expect much when they listed their four-bedroom home in Centennial, a Denver suburb, for sale in January. So they were taken aback by the onslaught of interest.
Meghann, at home on maternity leave with their two sons, juggled 32 showings in the first month. "It's so exhausting trying to find somewhere to go for an hour two or three times a day," she says. The Battles even installed a special front-door handle to text them when buyers enter and exit so that they can return as soon as possible. "It's just crazy," she says.
Wait, isn't the real estate market still supposed to stink after five straight years of falling prices?
Turns out that while analysts debate when the market will hit bottom, for a surprising number of cities the turnaround has already begun. In December, prices rose in 109 of the 384 metro areas tracked by the data firm CoreLogic. Scrub out foreclosures, and that figure climbs to 169.
If you think that recovery means a return to the boom's double-digit price increases, forget about it. "The market won't suddenly snap back," warns CoreLogic economist Sam Khater, who has... ...read full post
posted by Andrew Bers
on Fri., Apr 27th, 2012
in
real estate
Short sales — which occur when a lender agrees to a home sale for less than what's owed — were up 33% in January year-over-year, and preliminary February numbers also look strong, according to market researcher RealtyTrac.
Its data underscore lenders' increased willingness to do short sales, which tend to harm neighborhoods less than foreclosures. Homeowners also may regain eligibility for a new mortgage sooner than those who go through foreclosure. more
NEW YORK (CNNMoney) -- The housing market started the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.
The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets.
NEW YORK (CNNMoney) -- The housing market started the new year with a thud. Home prices dropped for the fifth consecutive month in January, reaching their lowest point since the end of 2002.The average home sold in that month lost 0.8% of its value, compared with a month earlier, and prices were down 3.8% from 12 months earlier, according to the S&P/Case-Shiller home price index of 20 major markets. more... ...read full post
posted by Andrew Bers
on Wed., Apr 25th, 2012
in
real estate
Renting used to be cheaper than buying. But in many U.S. cities that's no longer the case, as rents continue to climb and home prices stagnate.
While asking prices for homes declined 0.7% over the past 12 months through March, rents rose 5%, according to a report released Thursday by real estate listing site Trulia.
The median rent for all types of rental homes hit $1,350 a month in March, up from a median of $1,285 a month 12 months ago, Trulia reported.
"Buying a home is more affordable than renting now in almost every part of the United States," said Jed Kolko, chief economist for Trulia.
Several metro areas recorded double-digit percentage increases in rental rates.
In Sarasota, Fla., the average rent jumped 12.9% year-over-year, the biggest increase of any of the 100 largest metro areas Trulia surveye Miami and San Francisco saw the next biggest increases, with rent hikes of 12.1% and 11.1%, respectively.
The metro areas that sustained the highest rent increases were a decidedly mixed bag, but obviously shared one factor: rising demand for a limited supply of rental units.
The national vacancy rate for apartments fell 0.3 percentage points during the first quarterto 4.9%, its lowest point since late 2001,... ...read full post
posted by Andrew Bers
on Thu., Apr 19th, 2012
in
real estate
Home sellers find interest heats up in the spring as many families look to get settled in a new place before the school year starts in August.
But the traditional March-through-May buying season can be a dud for sellers who don’t deliver what they promise or who stand over buyers as they open cupboards and peek in bedrooms.
“Some sellers are their own worst enemies,” said Michael Citron, an agent for RE/MAX ParkCreek in Broward County, Fla.
Here are five things that turn off prospective buyers:
• A cluttered house or one that smells. When sellers have too many possessions, buyers have a hard time imagining themselves living there. Sellers should put their stuff in storage – or move out altogether, if possible.
Pet odors also are a big turn-off, as is a house that reeks of cigarette or cigar smoke. “If buyers smell smoke, they’ll walk out immediately,” said Jon Klein, an agent for Real Living 1st Choice Realty in Coral Springs, Fla.
• False or misleading advertising. Sellers and their agents may stretch the truth by claiming a home has four bedrooms, but the fourth room isn’t a bedroom because it doesn’t have a window and closet.
Joanne Caouette, a Canadian looking to buy in Broward,... ...read full post
posted by Andrew Bers
on Thu., Apr 19th, 2012
in
real estate
Once again this year the Sunbelt is the preferred region for baby boomer retirements. Topretirements.com has just published its 6th annual list of the 100 most popular places to retire on its site, and the Sunbelt’s retirement popularity continues — 75 of the 100 top positions are held by towns in the Sunbelt. Florida dominates the list of best places to retire, taking 26 of the spots. See More... ...read full post
posted by Andrew Bers
on Mon., Mar 26th, 2012
in
real estate
WICHITA, Kan. – March 1, 2012 – Warren Buffett, the billionaire investor and Berkshire Hathaway CEO, said on CNBC’s “Squawk Box” recently that he’d “buy up a couple hundred thousand” single-family homes if it was practical.
Buffett said that’s because he believes purchasing a home with ultra-low mortgage rates and holding it for the long-term has become a better investment than stocks right now.
“Housing will come back, you can be sure of that,” Buffett wrote in his annual letter to shareholders recently.
Buffett forecasts an increase in household formations, as more people who moved in with their parents or family members during the recession look to move out and get their own home soon.
“People may postpone hitching up during uncertain times, but eventually hormones take over. And while ‘doubling-up” may be the initial reaction of some during a recession, living with in-laws can quickly lose its allure,” Buffett said.
Buffett said the recovery in the housing market could vary quite a bit among local housing markets, however. He did not provide a timeline of when he expected a full housing recovery, admitting that his prediction last year that a housing recovery will take shape within the year... ...read full post
posted by Andrew Bers
on Wed., Mar 7th, 2012
in
real estate
Livability.com, a national website that highlights more than 500 of America’s best places to live, has released a list of the top 10 spring break destination places for families. Sarasota was ranked No. 1, mixing white sand beaches and calm blue waters with dozens of entertainment options to create one of the best spring break family destination places.
DAILY REAL ESTATE NEWS | THURSDAY, FEBRUARY 23, 2012 - Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS® reports.
“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” NAR’s Chief Economist Lawrence Yun says.
While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.
“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun says. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”
Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below... ...read full post
posted by Andrew Bers
on Thu., Feb 23rd, 2012
in
real estate
Andrew Bers and RE/MAX Alliance Group attorney Joe Shea were special guests on the Gail Shane and Friends Community and Real Estate Talk show on WSRQ Radio 106.9 FM and 1220 AM this past Saturday, February 18th.
Andrew and Joe discussed the ins and outs of property short sales. The title of their presentation was "My Home is Upside Down".
If you missed the show, here's a link to hear it now.
If you have friends, neighbors, co-workers or family members thinking about buying or selling a home locally or internationally, please let me know.
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:
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.
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.
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
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.
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.
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.
IRVINE, Calif. – Jan. 26, 2012 – RealtyTrac released its Year-End 2011 U.S. Foreclosure Market Report today. It shows a total of 2,698,967 foreclosure filing actions – default notices, scheduled auctions and bank repossessions – reported on 1,887,777 U.S. properties in 2011, a decrease of 34 percent in total properties from 2010. Foreclosure activity in 2011 was 33 percent below the 2009 total and 19 percent below the 2008 total.
In 2011, 1.45 percent of U.S. housing units (one in 69) had at least one foreclosure filing during the year, down from 2.23 percent in 2010, 2.21 percent in 2009, and 1.84 percent in 2008.
Total U.S. foreclosure activity and the U.S. foreclosure rate in 2011 were both at their lowest annual level since 2007. However, Brandon Moore, chief executive officer of RealtyTrac, says the decline in foreclosures can be blamed mainly on an inefficient foreclosure process.
“The lack of clarity regarding many of the documentation and legal issues … means that we are continuing to see a highly dysfunctional foreclosure process … particularly in states with a judicial foreclosure process,” Brandon says. “There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of... ...read full post
posted by Andrew Bers
on Thu., Jan 26th, 2012
in
real estate
DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 22, 2011 -- Median list prices nationwide have risen 4.05 percent on a year-over-year basis, according to November housing data of 146 metro areas from Realtor.com. Fewer cities are reporting year-over-year list price declines, “suggesting a growing optimism on the part of sellers about 2012 market conditions,” according to Realtor.com. So where have prices risen the most in the last month? The following are the 10 cities that saw the largest median list price increases from October to November. 1. Central Fla.-Regional Statistical Area Month-to-month median increase: 5.63 percent Year-over-year increase: 14.27 percent Median list price: $169,000 2. Phoenix-Mesa, Ariz. Month-to-month increase: 4.46 percent Year-over-year increase: 10.54 percent Median list price: $164,700 3. Miami, Fla. Month-to-month increase: 3.60 percent Year-over-year increase: 29.50 percent Median list price: $259,000 4. Tampa-St. Petersburg-Clearwater, Fla. Month-to-month increase: 3 percent Year-over-year decrease: -2.50 percent Median list price: $144,200 5. New York, N.Y. Month-to-month increase: 2.71 percent Year-over-year decrease: -2.57 percent Median list price: $379,000 6. Fort Myers-Cape Coral, Fla. Month-to-month increase: 2.69 percent Year-over-year increase: 21.63 percent Median list price: $224,900 7. Iowa City, Iowa Month-to-month increase: 2.50 percent Year-over-year increase: 3.02 percent Median list price: $204,900 8.... ...read full post
posted by Andrew Bers
on Thu., Jan 26th, 2012
in
real estate
By MICHELLE HIGGINS Published: January 18, 2012 - WITH hotel rates on the rise, vacation rentals are looking attractive, often providing more space and amenities for less than you would spend on a hotel. But finding that apartment in Paris or seaside cottage in Florida can be a daunting task.
The Internet has made it possible for just about anyone with a spare room to post a listing. And travelers can spend hours searching online. Currently, there is no one-stop shopping site, but each option has nuances, and some are better than others, depending on where you are going and what you’re looking for. Most offer a broad range of prices. Here’s an overview of several online vacation rental sites to help simplify your search. Read the entire article at: http://travel.nytimes.com/2012/01/22/travel/vacation-rental-sites.html?emc=eta1 #
By MICHAEL POLLICK and DOUG SWORD -- Southwest Florida's unemployment rate dropped below the double-digit mark for the first time in nearly three years.
There were 36,281 people out of work in Manatee, Sarasota and Charlotte counties last month -- a jobless rate of 9.8 percent and the first time the three-county area has, on the whole, been under 10 percent since January 2009.
"You've got a lot of people still fretting that the economy is never going to recover, but it is already happening," said Scott J. Brown, senior economist at St. Petersburg's Raymond James Financial Inc.
Charlotte County continued to be plagued by a 10 percent jobless rate, but in November both Manatee and Sarasota slid to 9.8 percent from 10.2 percent and 10.1 percent, respectively, according to statistics released Friday by the Florida Department of Economic Opportunity.
On a parallel track, the state's monthly report showed Florida's jobless rate in December dipped below 10 percent for the first time in two years, accompanied by growth in both the labor force and payroll jobs.
Because the statewide jobless rate is seasonally adjusted, it stands a better chance of staying below 10 percent than county-by-county rates, which could still head back above 10 percent... ...read full post
posted by Andrew Bers
on Tue., Jan 24th, 2012
in
real estate
Harold Bubil, Real Estate Editor, As chief economist of Stewart Title, which writes property title insurance and closes real estate deals, Ted Jones has a sense of humor and a sense of reality. Aware that economists were spectacularly wrong about the sustainability of the 2002-06 housing boom, he says, "Economists are never supposed to give a number and a date at the same time."
In fact, Jones himself said in this column on July 20, 2002, "The average home will go up in value 6.5 percent a year for the next decade." For the four years following that prediction, it turned out to be conservative. Home prices soared. Then they came crashing back down — by as much as 74 percent from peak in Cape Coral — and are about where they were in 2002.
Still, he says real estate is back to being not just a good investment, but a great one.
DAILY REAL ESTATE NEWS | Several recent indicators for the real estate industry are pointing to a market that is on the mend and entering recovery mode.
Housing experts’ predictions for the new year tend to center around a market stabilizing before entering a gradual, albeit very slow, recovery. However, the tone is more upbeat than it has been in years for the housing market.
Here are a few of the signs that are showing the market moving in a more positive direction:
Home sales: Existing home sales are expected to increase 12 percent this year, following a 2 percent jump last year, Moody’s Analytics predicts. The signs are already showing: In November, pending home sales — a gauge for future home buying — reached its highest level in 19 months, the National Association of REALTORS® reported. (Read more.)
New-home market: Coming off of what could be considered the worst year for new-home building ever recorded, the sector is expected to bounce back this year. New-home sales and starts were already showing a rebound in the last few months of 2011. Moody’s is predicting that single-family housing starts will increase 37 percent this year, and new-home sales will soar 74 percent.
DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 17, 2012 - Many borrowers are finding that the record-low mortgage rates advertised recently are out of reach. So how can borrowers snag these best rates — which for the 30-year fixed-rate mortgage alone has been under 4 percent recently? Basically, they need to prove to lenders they are less risk: Lenders offer the best rates to those who they perceive as low-risk borrowers.
Here are ways for consumers to show lenders that they are low-risk borrowers, according to a recent article at The New York Times:
Credit score: According to one mortgage broker, ideal borrowers nowadays have a FICO score of 740 or higher to qualify for the best pricing.
Property types: Buyers of a duplex, four-unit building, or condo may have a rate premium added. Also, lenders will charge borrowers more if they plan to rent out the property rather than live there.
Down payment: Borrowers who put down at least 25 percent will most likely attract the best pricing, lenders say. “Lenders offer different breaks on rates if equity is higher, so you should ask what is available,” The New York Times article notes.
Also, borrowers who are able to get a low rate now... ...read full post
posted by Andrew Bers
on Tue., Jan 17th, 2012
in
real estate
WASHINGTON – Jan. 16, 2012 – According to Loan Modification Scam Alert, a program backed by NeighborWorks America and supported by the U.S. Congress, there is a new foreclosure filing every 15 seconds in America.
NeighborWorks is working with 235 community-based affiliates to educate and protect homeowners from unethical practices. The program says it has three goals: First, alert homeowners about scams. Second, help them spot a scam before it’s too late. Third, encourage them to report scammers to the authorities. The campaign hopes to educate owners at higher risk of scams by telling real-life scam stories in fliers, postcards, door hangers, e-cards, posters, print advertising, local PSAs, events, word of mouth and social media.
Three signs of a scam According to Loan Modification Scam Alert, foreclosure scams generally have three possible red flags: • The company asks for a fee in advance. • The offer comes with a guarantee that a foreclosure can be stopped or a loan modified. • The homeowner is told to stop paying the mortgage and, in some cases, told to pay the foreclosure relief company instead.
Since the U.S. has a new foreclosure filing every 15 seconds – more than 6,100 per day – and more... ...read full post
posted by Andrew Bers
on Mon., Jan 16th, 2012
in
real estate
The forecast for real estate in 2012 is looking up. With that I wanted to share with you 7 good reasons that you should consider owning a home.
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your... ...read full post
posted by Andrew Bers
on Sun., Jan 15th, 2012
in
real estate
NEW YORK -- Inman News readers have picked Re/Max founder Dave Liniger as the People's Choice Most Influential Real Estate Leader in 2011.
Liniger's selection, based on a popular vote by readers, was announced today during the Inman News Real Estate Connect conference in New York City, which runs through Jan. 13 at the Marriott Marquis hotel in Times Square.
Last year's winner was tech blogger Chris Smith, who now serves as Inman News chief evangelist and is a major contributor the InmanNext agent advice and information website.
Liniger, 66, who co-founded Re/Max with wife Gail in 1973, serves as chairman of the board for the global franchisor and remains involved with company decisions. He often travels abroad to meet with new regional Re/Max owners, in places ranging from India to Argentina to Brazil.
NEW YORK (AP) – Jan. 12, 2012 – About 1.9 million homes entered the foreclosure process in 2011, the lowest level since 2007 when the recession began, according to a report Thursday by the foreclosure listing firm RealtyTrac Inc.
The firm cautioned that the decline does not necessarily indicate that the housing market is getting better, as many foreclosures have been delayed due to confusion over documentation and legal issues involved in the process.
There have also been problems with the way some lenders were handling foreclosures. Specifically, signing off on home foreclosures without first verifying documents – a practice referred to as “robo-signing.” Many of the largest U.S. banks reacted by temporarily ceasing all foreclosures, re-filing previously filed foreclosure cases and revisiting pending cases to prevent errors.
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” RealtyTrac CEO Brandon Moore said in a statement.
The listing firm anticipates that 2012’s foreclosure rate will be higher than last year’s, but will remain below the peak of 2010.
High unemployment, a sluggish housing market and falling home values remain major factors in homeowners falling behind on their mortgage payments. Many borrowers also have simply stopped paying... ...read full post
posted by Andrew Bers
on Fri., Jan 13th, 2012
in
real estate
For the full year 2011, property sales of members of the Sarasota Association of Realtors® jumped by 8.2 percent to 8,224, achieving the highest level since 2005. The surge in sales was accompanied by stabilization in the median sale prices, which now stand at $155,925 for single family homes and $156,800 for condos over the full year, and have not fluctuated much for the past 12 months.
Once again, the market has demonstrated that Sarasota is a destination of choice for many homebuyers. For the overall year of 2011, the resurgence in sales was dramatic, and represents a 44 percent increase over the low point of the downturn in 2008, when only 5,820 properties changed hands.
"This is really incredible news, and demonstrates how far this market has improved in only three short years," said SAR President Laura Benson. "Now, we also offer very affordable pricing. Combined with the high quality of homes and condos on the market, I think we clearly have the best values in Florida, without question."
Property transactions in the Sarasota real estate market jumped 7.3 percent in December 2011, compared to the November totals. Combined sales stood at 648, up from last month's figure of 602 and the... ...read full post
posted by Andrew Bers
on Wed., Jan 11th, 2012
in
real estate
NEW YORK – Jan. 10, 2012 – Some homeowners who owe more on the mortgage than a home is currently worth are turning over the keys and walking away – a move known as “strategic default.”
The growing number of strategic defaults across the country is alarming, particularly since many of homeowners can still afford their mortgage payments but choose to walk away anyway.
In 2010, about 30 percent of mortgage defaults were from homeowners who could afford to make their payments – that’s up from 22 percent in 2009, according to a 2011 survey conducted by finance professors Paola Sapienza at Northwestern University and Luigi Zingales at the University of Chicago.
A recent study commissioned by the Mortgage Bankers Association likens the rise in strategic defaults to the spread of a disease. The longer the housing crisis goes on, the more other homeowners will be tempted to walk away, the study concludes. “As fundamentally social animals, humans consciously (and subconsciously) look to their peers when forming opinions, habits and behaviors,” according to the report.
Strategic default has come down to an ethical question for some homeowners.
“Guilt and morality are one side, and objective financial analysis are on the other side,” said David Martin,... ...read full post
posted by Andrew Bers
on Tue., Jan 10th, 2012
in
real estate
As the country shakes off the effects of the worst economic recession in recent history, the residential real estate market is beginning to rebound, and Dave Liniger, Chairman and Co-Founder of the leading real estate franchise RE/MAX, sees several positive factors that could take hold in 2012.
“Interest rates will remain at or near historic lows and home prices will stabilize and start to rise by the end of the year,” said Liniger “There’s no question, the housing recovery will be slow and steady, but for many cities the turn-around is already happening.”
With interest rates lower than most people have ever seen, and prices lower than they’ve been in years, the current marketplace has created a unique environment that may not be repeated for decades. “Informed and savvy consumers and investors recognize there’s great opportunity in this market and they are leading the way to recovery,” Liniger added.
Dave Liniger’s Top 10 Real Estate Predictions for 2012 are: 1. Continued low interest rates 2. Home prices stabilizing and starting to rise 3. Increasing numbers of home sales 4. Rising inventories, mostly due to increased foreclosures 5. Distressed properties will make up about half of all sales 6. An improved Short Sale process... ...read full post
posted by Andrew Bers
on Mon., Jan 9th, 2012
in
real estate
WASHINGTON – Jan. 9, 2012 – You may owe federal income taxes in 2013 if you have a short sale, foreclosure after this year. Now is the time to make the hard decision: Are you going to walk away from your underwater home?
Uncle Sam is still giving homeowners until Dec. 31, 2012, to go through a short sale or foreclosure without tax consequences – as long as the lender officially releases the debt.
But on Jan. 1, 2013, the rules change: The amount a lender forgives, ether in a short sale or foreclosure, on a primary residence will be taxable on federal income taxes.
So if a house sold $50,000 short of what is owed on the mortgage, then the selling homeowners will owe federal income taxes on that $50,000. Homeowners would owe $12,500 if they’re in the 25 percent bracket; $7,500 if in the 15 percent tax section.
Homeowners would be on the hook even if the house sold but the bank had not formally forgiven the loan in a letter: The banks must officially sign off in writing before Dec. 31.
DAILY REAL ESTATE NEWS | THURSDAY, JANUARY 05, 2012 - The Federal Reseve called on lawmakers to do more to help the ailing housing market, which has been blamed for dragging down economic recovery. In a 26-page white paper, the Fed told lawmakers that more aggressive action is needed in preventing home values from falling further and handling the large supply of foreclosures that continue to plague many markets.
One program the white paper suggested was a government program to start renting out single-family homes in foreclosure, even allowing the former owners who were foreclosed upon to rent the properties back.
An REO rental program by the government-sponsored enterprises may cost mortgage servicers and bond investors, but the benefit of such a program in the long run needs to be weighed, the Fed said. "Some actions that cause greater losses to be sustained by the GSE in the near term might be in the interest of taxpayers to pursue if those actions result in a quicker and more vigorous economic recovery," according to white paper.
Moreover, renting out some of Fannie Mae’s REO inventory, for example, might “deliver a better loss recovery than selling the property,” the white paper states.
2 Bedroom, 2 Bath - Light & bright and located in one of the best buildings at Seaplace. Enjoy water views from the living room, master bedroom and screened lanai. Washer/dryer in the unit. Conveniently located to the beach and one of the community's 2 swimming pools. Amenities of Seaplace include: 1/2 mile of beach front, clubhouse, 2 pools, Har-Tru tennis courts and fitness center. Excellent Longboat Key location - close to everything including St. Armands Circle.
Freddie Mac - Dec. 29, 2011 /PRNewswire/ -- Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates finishing the year near their all-time historic lows helping to keep homebuyer affordability high. Averaging 3.95 percent, the 30-year fixed has been at or below 4.00 percent for the past nine consecutive weeks and only twice in 2011 did it average above 5.00 percent. News Facts
• 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.7 point for the week ending December 29, 2011, up from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.86 percent. • 15-year FRM this week averaged 3.24 percent with an average 0.8 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent. • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week, with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.77 percent. • 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, up from last week... ...read full post
posted by Andrew Bers
on Sat., Dec 31st, 2011
in
real estate
4710 Gulf Of Mexico Dr Just Listed - Rarely available end unit villa in Windward Bay! Newer kitchen with solid surface counters and stainless steel appliances. Porch has been enclosed to add to the living area. Great Longboat Key location with deeded beach access just across the street. Windward Bay amenities include - 2 pools, tennis courts, shuffleboard, fitness room, and boat slips for $12.00 per month.
NEW YORK (CNNMoney) By Les Christie @CNNMoney December 28, 2011-- Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they're willing to put up a fight.
Among the tactics: Challenging the bank's actions, waiting to file paperwork right up until the deadline, requesting the lender dig up original paperwork or, in some extreme cases, declaring bankruptcy.
Nationwide, the average time it takes to process a foreclosure -- from the first missed payment to the final foreclosure auction -- has climbed to 674 days from 253 days just four years ago, according to LPS Applied Analytics.
It takes much longer than that in Florida, where the process averages 1,027 days, nearly 3 years. In D.C., foreclosure averages 1,053 days and delinquent borrowers in New York often stay in their homes for an average of 906 days.
WEDNESDAY, DECEMBER 28, 2011 -The average time it takes for banks to process a foreclosure -- from missed mortgage payment to the final part of the process -- has increased to 674 days, more than double the time frame foreclosures took just four years ago, according to LPS Applied Analytics. Four years ago, the average time nationally was 253 days.
Delinquent home owners are learning how to stay longer in their homes with some home owners taking advantage of delay tactics, according to a recent article at CNNMoney. Some stall tactics housing experts report more home owners are using to delay evictions are home owners’ challenging the bank’s foreclosure against them, requesting that lenders dig up original paperwork such as by asking for banks to produce paperwork that shows it is the legal holder of the mortgage note, or even, in some cases, home owners will declare bankruptcy, CNNMoney reports.
Housing experts say the delays are continuing to throw a thorn in the real estate market’s recovery. “People who stay in homes undergoing foreclosure for years often don't maintain the properties, causing blight and lowering property values in the surrounding neighborhoods,” David Dunn, a partner at law firm Hogan Lovells in New... ...read full post
posted by Andrew Bers
on Thu., Dec 29th, 2011
in
real estate
DAILY REAL ESTATE NEWS | TUESDAY, DECEMBER 27, 2011
Sales ticked up for existing homes and new homes, several real estate market indicators revealed last week, pointing to a housing market that may finally be entering recovery mode.
In the most recent report, the Census Bureau reported that the new-home market continued its rebound, with sales of new houses once again inching up last month. New-home sales rose 1.6 percent from October to November to an annualized rate of 315,000, and sales were up nearly 10 percent compared to November 2010.
The median sales price of a new home in November was $214,100, the Census Bureau reported, and the inventory of new houses nationwide decreased to a six-month supply at the current sales pace.
"Inventories of new homes are very low: There's nothing on the shelf, so any increase in new home sales will translate directly into new housing starts," Bob Denk, senior economist at the National Association of Home Builders, told CNNMoney. "That means putting people back to work."
Which home upgrades will score big with buyers? REALTORS® in markets across the country judge the effects of several projects on sales prices for the annual Cost vs. Value Report, done in cooperation with Remodeling magazine.
See the reports at: http://realtormag.realtor.org/home-and-design/cost-vs-value
DAILY REAL ESTATE NEWS | THURSDAY, DECEMBER 15, 2011 - For the 59th month in a row, Nevada continues to have the highest foreclosure rate in the country — despite a new law that took effect in October that changed the state’s foreclosure process and was expected to curtail foreclosures there.
Although foreclosures were down 43 percent year-over-year in Nevada, its foreclosure rate still remained higher than any other state.
The following are the top 10 states with the highest foreclosure rates in the country in November, according to RealtyTrac data.
1. Nevada: 1 in every 175 home received a foreclosure filing in November
2. California: 1 in every 211 homes
3. Arizona: 1 in every 256 homes
4. Utah: 1 in every 290 (This state saw a 74 percent increase in November from October in foreclosure activity.)
5. Georgia: 1 in every 330 homes
6. Michigan: 1 in every 330 homes
7. Florida: 1 in every 358 homes
8. Illinois: 1 in every 427 homes
9. Ohio: 1 in every 500 homes
10. South Carolina: 1 in every 517 (This is the first time South Carolina has made it into the top 10 for foreclosure activity since RealtyTrac began tracking in 2005.)
DAILY REAL ESTATE NEWS | MONDAY, DECEMBER 12, 2011 - In facing large inventories of foreclosures, Bank of America is considering a program that would allow investors to buy a foreclosed home and then rent it back to the former home owner, HousingWire reports.
Bank of America is looking for ideas on how to handle the large inventories of foreclosures in some areas where demand hasn’t picked up.
"We are looking at programs where you can capture somebody before the REO process and offer a deed-for-lease," Ron Sturzenegger, who leads the bank's legacy asset servicing division, explained to HousingWire. "We would go to the customer and say, 'We'll do a short sale. Will you be interested in leasing your property back? We're still going to sell the property. You will no longer be the owner. But you can be a tenant now in that same property and save you from moving on.'"
The program is still in very early stages and more details need to be worked out, Sturzenegger noted.
November 2011 property transactions in the Sarasota real estate market totaled 602, up 12.7 percent over last November. The total also exceeded the October 2011 sales figure of 577. The market has remained strong and stable as the winter season gets into full swing, reflecting continued confidence in Sarasota as a destination location.
In fact, the Today Show’s real estate report from Barbara Corcoran in late November noted that Sarasota was one of the top recovering markets in the nation. Corcoran said Sarasota is a “beautiful beachfront community” that offers residents and visitors “a sophisticated, urban cultural experience” that is propelling sales and prices in 2011.
LAS VEGAS – Dec. 13, 2011 – A new federal report shows that speculative real estate investors played a larger role than originally thought in driving the housing bubble that led to record foreclosures and sent economies plummeting in Nevada, California, Arizona, Florida and other states.
Researchers with the Federal Reserve Bank of New York found that investors who used low-downpayment, subprime credit to purchase multiple residential properties helped inflate home prices and are largely to blame for the recession. The researchers said their findings focused on an “undocumented” dimension of the housing market crisis that had been previously overlooked as officials focused on how to contain the financial crisis, not what caused it.
More than a third of all U.S. home mortgages granted in 2006 went to people who already owned at least one house, according to the report. In Arizona, California, Florida and Nevada, where average home prices more than doubled from 2000 to 2006, investors made up nearly half of all mortgage-backed purchases during the housing bubble. Buyers owning three or more properties represented the fastest-growing segment of homeowners during that time.
“This may have allowed the bubble to inflate further, which caused millions of owner-occupants to pay more if... ...read full post
posted by Andrew Bers
on Wed., Dec 14th, 2011
in
real estate
Financial analysis firm 24/7 Wall St. has identified the housing markets expected to offer some of the biggest discounts for home buyers. Many of these markets have been plagued with large gluts of foreclosures that have dragged down prices. In fact, six of the 10 markets on the list have had median home prices fall to less than half what they were five years ago, according to 24/7 Wall St.
The following housing markets offer home buyers some of the biggest discounts:
North Port-Bradenton-Sarasota, Fla.
Median home price: $170,000
Home value decline from peak: -51.4%
Predicted change in home value through 2Q 2012: -6.5%
SAN FRANCISCO – Nov. 22, 2011 – A criminal investigation into mortgage swindlers has expanded beyond deceptive advertising on Google’s Internet search engine to root out con artists who were luring their victims on Bing and Yahoo, too.
Monday’s news of the widening probe confirmed that the Internet’s three largest search engines had been turned into tools of prey for crooks looking to bilk homeowners scrambling to avoid foreclosure. The scams involved online ads making bogus promises of help people hold onto their homes under a government-backed program to modify mortgage payments.
After finding their victims using ads triggered by phrases such as “stop foreclosure,” the swindlers extracted upfront fees or arranged to have the mortgage payments sent them without providing any assistance. The ruses had become increasingly common.
The crackdown had shuttered 125 mortgage scams by Monday, up from 85 last week, when the Office of the Special Inspector General for the Troubled Asset Relief Program announced it was cleaning up the misconduct on Google. The U.S. Treasury Department division said many of the con artists bought ads on all three search engines.
WASHINGTON – Nov. 22, 2011 – It’s a rare area of agreement between Republicans and the Obama administration: The government should reduce its outsize role in making sure that people can buy homes.
And yet, in the past three months, these officials and others in Washington have taken steps that expand the government’s support of the housing market.
The reason is that the economy and, in particular, the housing market remain weak. Officials are worried that withdrawing government support for housing could make it more difficult for people to buy homes, reducing demand and sending housing prices lower.
In September, the Federal Reserve announced it would resume purchasing mortgage investments, which flood the mortgage markets with money and reduce interest rates on home loans.
In October, the Obama administration joined with federal regulators to announce a new plan to enable more “underwater” borrowers, who owe more on their loans than their properties are worth, to refinance at today’s low rates if they have government-backed loans.
And this month, Congress and President Obama signed off on a bill that would increase the size of a mortgage that borrowers can obtain from the Federal Housing Administration.
Property sales for October 2011 in the Sarasota real estate market outpaced last October, with 577 this year compared to only 487 at the same time last year. This represents an 18.4 percent increase, and could be a harbinger for a busy season.
There was also a small increase in transactions compared to September 2011, when 570 sales were recorded. Overall, sales in 2011 are on pace to exceed last year, a remarkable fact considering that 2010 sales were at the highest level since 2005.
The inventory of available properties for sale in Sarasota, after dropping precipitously over the course of 2011, was again up slightly in October to 4,525 from last month’s 4,430 level. The inventory sunk to a 10-year low of 4,408 in August 2011.
The October 2011 median sale price for single family homes dropped to $149,838 from last month’s figure of $165,000. But the amount was higher than last October, when it was $147,500. The condo figure has been fluctuating for several months, and rose slightly in October 2011 to $143,000 from last month’s figure of $140,000. Last year at this time, the figure stood at $158,525. The year-to-date median sale price was $155,000 for single family homes and... ...read full post
(Denver, CO) – RE/MAX, LLC, the recognized real estate leader, has launched
a new website, global.remax.com, the first truly global resource for consumers,
with hundreds of thousands of home listings in countries around the world. The
site features customized search tools that allow buyers to search for properties
in 30 languages, translate currencies and find the latest international real estate
news. At launch, the site will contain listings from Brazil, France, Italy, India,
Portugal, the United States, Canada, Italy and New Zealand - a total of more
than 60 countries and territories around the world.
“We make our customers our priority, and they told us they needed a
comprehensive resource for international properties,” said William E. Soteroff,
RE/MAX Executive Vice President, U.S. and International Regional
Development. “We’re seeing an increasing number of foreign buyers looking
for property in the U.S. and American buyers looking overseas.
global.remax.com is essentially a one-stop source for residential and
commercial real estate, no matter where you live.”
NEW YORK (CNNMoney) -- The besieged housing market has even further to fall before home prices really hit rock bottom.
According to Fiserv (FISV), a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.
Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment,explained David Stiff, Fiserv's chief economist.
Should home values meet Fiserv's expectations, it would make it the third (and lowest) trough for home prices since the housing bubble burst.
WASHINGTON – Oct. 25, 2011 – Two big questions loom over the Obama administration’s latest bid to help troubled homeowners: Will it work? And who would benefit?
By easing eligibility rules, the administration hopes 1 million more homeowners will qualify for its refinancing program and lower their mortgage payments – twice the number who have already. The program has helped only a fraction of the number the administration had envisioned.
In part, that’s because many homeowners who would like to refinance can’t, because they owe more on their mortgage than their home is worth. But it’s also because banks are under no obligation to refinance a mortgage they hold – a limitation that won’t change under the new plan.
Here are some of the major questions and answers about the administration’s initiative:
Q: What is the program?
A. The Home Affordable Refinance Program, or HARP, was started in 2009. It lets homeowners refinance their mortgages at lower rates. Borrowers can bypass the usual requirement of having at least 20 percent equity in their home. But few people have signed up. Many “underwater” borrowers – those who owe more than their homes are worth – couldn’t qualify under the program. Roughly 22.5 percent of U.S. homeowners,... ...read full post
posted by Andrew Bers
on Sat., Oct 29th, 2011
in
real estate
CHICAGO – Oct. 21, 2011 – Are short sales getting easier? Some homeowners are reporting that banks are now not only more willing to consider a short sale, but are even offering incentives to complete a short sale. For example, a homeowner in Chicago says his lender approved his short sale and then gave him a $20,000 check after the deal was finalized for selling the home as a short sale instead of letting it sink into foreclosure.
Lenders accepting a lower mortgage payoff from an underwater seller traditionally isn’t thought of an easy transaction to complete. Lenders weren’t so willing a few years ago. But as the number of Americans underwater on their mortgages grow, more lenders are reconsidering as they try to avoid the extra costs incurred to their bottom-lines that a foreclosure can cause.
For 2011, short sales accounted for about 8 percent of total home sales, and rose 7 percent over 2010 totals, according to CoreLogic data. Short sales are up by 59 percent year-over-year in Illinois, 32 percent in Michigan, and 19 percent in Arizona alone, according to CoreLogic.
“We’re starting to see that servicers and lenders are viewing short sales as a better alternative than they had... ...read full post
posted by Andrew Bers
on Fri., Oct 21st, 2011
in
real estate
The Palm Beach Post (West Palm Beach, Fla.) reports Bank of America, the nation’s largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes rather than letting them linger in foreclosure.
The limited time offer has received little promotion from the Charlotte, N.C.-based bank, which sent emails to select Florida Realtors earlier this week outlining basic details of the plan.
Only homeowners whose short sales are submitted for approval to Bank of America before Nov. 30 will qualify. The homes must have no offers on them already and the closing must occur before Aug. 31, 2012.
A short sale is when a bank agrees to accept a lower sales price on a home than what the borrower owes on the loan.
Realtors said the Bank of America plan, which has a minimum payout amount of $5,000, is a genuine incentive to struggling homeowners who may otherwise fall into Florida’s foreclosure abyss.
The current timeline to foreclosure in Florida is an average of 676 days – nearly two years – according to real estate analysis company RealtyTrac. The national average foreclosure timeline is 318 days.
“I think this is a positive sign that the bank is being creative to try and help... ...read full post
Taxpayers and banks lose as homeowners pocket rent - sometimes in the thousands -for houses in foreclosure.
Keith and Bernadette Grindley have three homes in foreclosure yet found a way to make money from the experience.
They put up the homes for rent.
Over the last two years, the Grindleys collected more than $150,000 on their luxury homes in St. Pete Beach and Belleair. That makes them characters in a previously untold chapter of Florida's foreclosure crisis.
As of last month, the Grindleys and at least 2,009 others in the Tampa Bay area were renting out homes in the foreclosure process, collectively taking in millions of dollars. And those numbers are conservative.
Using the Multiple Listing Service, the St. Petersburg Times counted just homes listed for sale, in foreclosure and occupied by renters. That tally would not capture hundreds, maybe thousands, more homes in foreclosure being rented that are not for sale.
Nothing requires homeowners to give rent money to banks during foreclosure, which offers little comfort to the other characters in this story.
Some are losing money. These include the public, whose tax dollars fund many cash incentives that lenders use to entice renters to leave foreclosed homes without damaging them; and banks, who lose... ...read full post
posted by Andrew Bers
on Tue., Oct 4th, 2011
in
real estate
The number people who signed contracts for homes in the Sarasota-Bradenton market was up nearly 10 percent last month from a year ago, bucking a 1.2 percent decline across the nation.
There were 1,260 homes under contract in the territories covered by the Sarasota and Manatee Realtors associations, also up about 1 percent from July.
The measure -- usually a reliable indicator of where the housing market is headed -- was fairly flat in Sarasota County, but contracts spiked by more than a third in Manatee County from a year ago.
March appeared to be 2011's peak, when a total of 1,606 sales were pending. There is typically a one- to two-month lag between a contract and a completed deal.
Nationally, the last time that the Realtors' measure reached last month's level was in April 2010, the final month buyers could qualify for a federal tax credit that has since expired.
But the National Association of Realtors said a growing number of buyers have canceled contracts after appraisals showed the homes were worth less than the buyers had bid. A sale is not final until a mortgage is closed.
Home loans are also harder to come by. Many lenders are requiring 20 percent down payments and... ...read full post
posted by Andrew Bers
on Tue., Oct 4th, 2011
in
real estate
Southwest Florida homeowners, in particular — are straining to make their mortgage payments.
A dangerously high percentage of mortgage-holders in Sarasota, Charlotte and Manatee counties are now spending more than 35 percent of their income on their mortgage, property insurance and taxes, and other major home expenses, new census data shows.
Economists say that phenomenon is a definitive warning sign of further foreclosures.
The rule of thumb is that communities are in danger when more than 35 percent of homeowners are spending more than 35 percent of their income on these monthly expenses.
In Sarasota County, 41 percent of homeowners fit that definition; in Charlotte, it was 46 percent; and in Manatee, 38 percent.
"It definitely portends a future trend of high percentages of foreclosures and short sales for the next few years," said Jack McCabe, a Deerfield Beach real estate consultant.
Unemployment, declining incomes and the resetting of adjustable-rate mortgages are pushing those income-to-mortgage ratios higher even though a record number of owners already have lost their homes to foreclosure in recent years.
A look at the highest rates for Florida's largest counties reflects the epicenters of high-rolling investment during the boom and foreclosures during the downturn: Monroe, Dade, Collier, Broward, Osceola, Palm Beach and Sarasota... ...read full post
posted by Andrew Bers
on Tue., Oct 4th, 2011
in
real estate
Some homeowners who stretched to buy into South Florida's country club lifestyle are feeling the pain as they pull back to live within their means.
Take Eli Schneider, a semi-retired software developer, who paid $310,000 in 2006 for a two-bedroom house at the Fountains Country Club west of Lake Worth. Because The Fountains requires country club membership, Schneider also sprang for a $9,000 tennis package.
Now he and his wife can't sell the home as they cope with the flagging economy. They say the mandatory club membership deters prospective buyers.
"Mandatory membership acts as a penalty to anybody who's a buyer," said Schneider, 74.
Required country club memberships seem to be the biggest problems for more moderately priced developments such as the Fountains and Aberdeen Country Club, said Gary M. Singer, a real estate lawyer in Sunrise. Some homeowners have stopped paying dues for golf and tennis because of financial difficulties.
"Neighborhoods where homeowners were reaching for that lifestyle are taking the hardest hit now," Singer said.
More expensive enclaves such as Boca Woods Country Club don't seem to be affected as much, even though their fees are many times higher. At Boca Woods, for example,... ...read full post
posted by Andrew Bers
on Tue., Oct 4th, 2011
in
real estate
What can you say about the fickle economic forces that drive the home building industry? Markets that were among the healthiest six months ago have lost favor, due to weakness in the oil and gas sector of the economy. They've been replaced in some cases by unexpected markets that have worked through job losses and foreclosures to reach a much brighter place.
Twice annually, Builder works with Hanley Wood Market Intelligence to compile a list of the healthiest housing markets in the United States, based on forward projections for the metrics that drive housing production--jobs, price appreciation, population growth, and income growth. The projections come from Moody's Economy.com.
Earlier this year, markets in Texas and the Carolinas dominated the list looking at 2011 market-level forecasts, thanks to growth in the oil economy in the case of Texas, and strong population growth in the case of the Carolinas. Both regions also had on their side a recovery in home prices as they worked through foreclosure issues.
Economic conditions in the oil patch aren't quite as favorable today. And some bloom has come off the rose in the Carolinas, where home prices in some markets have double-dipped. As a result, our forward-looking view of the 20 healthiest markets is a little... ...read full post
posted by Andrew Bers
on Fri., Sep 30th, 2011
in
real estate
DAILY REAL ESTATE NEWS | FRIDAY, SEPTEMBER 23, 2011....Prices are rising in Florida: Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Florida cities make up 9 of the top 10 places for highest year-over-year list price spikes, based off of August data of 2.2 million listings in 146 markets.
Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.
Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.... ...read full post
Nick Timiraos S writes Economists, builders and mortgage analysts are predicting the weakened U.S. economy will depress housing prices for years, restraining consumer spending, pushing more homeowners into foreclosure and clouding prospects for a sustained recovery.
Home prices are expected to drop 2.5% this year and rise just 1.1% annually through 2015, according to a recent survey of more than 100 economists to be released Wednesday. Prices have already fallen 31.6% from their 2005 peak, as measured by the Standard & Poor's Case-Shiller 20-city index.
If the economists' forecast is accurate, it means housing faces a lost decade in which home prices recover just a fraction of what was lost between 2005 and 2015, leaving millions of homeowners with little, if any, equity in their homes. The survey was conducted for MacroMarkets LLC, a financial technology company co-founded by Yale University economist Robert Shiller.
The housing bust has chilled consumer spending—the largest single driver of the U.S. economy—with eroding home equity contributing to the so-called reverse wealth effect that prompts people to spend cautiously because they feel poorer
This week MortgageLoan.com reported that financially distressed homeowners with Freddie Mac mortgages will have a new option for loan modifications beginning next month.
The new option, called a Standard Modification, is designed for borrowers who are ineligible for a Home Affordable Modification Program (HAMP) loan modification or have previously defaulted on a HAMP or other loan mod. For those who are approved, the program reduces a borrower's mortgage principle and monthly payment by at least 10 percent each, thereby making the payments more affordable.
To qualify, homeowners must be at least 60 days past due on their mortgage, that is, having missed at least two monthly payments. Those who are not at least 60 days past due can qualify by proving they are in imminent danger of default, through demonstrating an eligible hardship and providing verification of income.
What cities are best positioned to grow and prosper in the coming decade?
To determine the next boom towns in the U.S., with the help of Mark Schill at the Praxis Strategy Group, we took the 52 largest metro areas in the country (those with populations exceeding 1 million) and ranked them based on various data indicating past, present and future vitality.
We started with job growth, not only looking at performance over the past decade but also focusing on growth in the past two years, to account for the possible long-term effects of the Great Recession. That accounted for roughly one-third of the score. The other two-thirds were made up of a a broad range of demographic factors, all weighted equally. These included rates of family formation (percentage growth in children 5-17), growth in educated migration, population growth and, finally, a broad measurement of attractiveness to immigrants — as places to settle, make money and start businesses.
We focused on these demographic factors because college-educated migrants (who also tend to be under 30), new families and immigrants will be critical in shaping the future. Areas that are rapidly losing young families and low rates of migration among educated migrants are... ...read full post
posted by Andrew Bers
on Thu., Sep 8th, 2011
in
real estate
REALTORMagazine reports delinquent home owners are living in their homes longer, rent-free. Home owners with a loan in foreclosure haven’t made a payment, on average, for 20 months or 599 days--a new record, according to new data by Lender Processing Services Inc.
Of nearly 1.9 million loans that are 90 or more days delinquent--but not yet in foreclosure--42 percent of the home owners have not made a payment in more than a year, with an average delinquency of 397 days--another record, LPS reports.
Builders think empty nesters are moving to the big city. Guess again.
As the rock 'n' roll generation enters retirement age, developers and builders seem convinced that empty nesters will desert their suburban communities and move to high-end urban housing. Sorry, folks, but the conventional wisdom surrounding the 36 million baby boomers born between 1945 and 1955--the first cohort--is again wishful thinking.
An analysis of the new Census shows a 10.3% decline among core city dwellers, a loss of some 1.3 million people over the past decade. For this analysis we looked at population numbers from the Census for boomers aged 45 to 54 in 2000 and compared them with the numbers for those aged 55 to 64 in 2010.
In our ranking of the 51 largest metros in the U.S., the urban cores of San Jose, San Francisco, Los Angeles and Chicago scored near the bottom, suffering double-digit percentage losses of boomers. New York's urban core lost 12% of boomers in their mid-50s to mid-60s.
You could blame this loss on the economy, which has postponed retirements and brought home many of the boomers' largely job-poor children back to the suburban house. Or you can credit it to boomers who appear to be... ...read full post
posted by Andrew Bers
on Wed., Aug 31st, 2011
in
real estate
WASHINGTON (AP) — Foreclosures made up roughly one-third of all home sales this spring. While that's a smaller share of sales from the previous quarter, it's six times the percentage of foreclosures in a healthy housing market.
Foreclosure sales, which include homes purchased after they received a notice of default or that were repossessed by lenders, accounted for 31 percent of the market in the April-June quarter, foreclosure listing firm RealtyTrac Inc. said Thursday.
The share of the market would likely have been larger this spring if not for a state and federal investigation into faulty paperwork by banks and servicers. The probe has led many banks to delay foreclosure sales. Once that is complete, foreclosures will likely surge later this year.
As a slice of all home purchases, foreclosure sales peak two years ago at 37.4 percent. In the second quarter, they declined from 36 percent in the January-March period.
Great NW Bradenton location. Conveniently located to schools, shopping and beautiful Anna Maria beaches. Home situated on .27 acre home site in well established area. Public records show home as 3 bedrooms, 1 bath but is actually 2 bedrooms, 2baths. Bonus room could be 3rd bedroom. Living room features wood burning fireplace and family room overlooks large backyard. Property being sold as is with right to inspect.
Mortgage rates dropped sharply this week, possibly improving the purchasing power of many home buyers. The 30-year fixed-rate mortgage, the most popular choice among buyers, averaged 4.39 percent this week, its lowest average for 2011, Freddie Mac reported in its weekly mortgage market survey. The 15-year fixed-rate mortgage and the 5-year adjustable rate-mortgage also both reached new historical record lows.
Rates mostly dropped across the board amid signs of a weakening economy, Freddie Mac says.
"Treasury bond yields fell markedly after signs the economy was weaker than what markets had previously thought allowing fixed mortgage rates to follow this week with the 15-year fixed and 5-year ARM setting new historical lows,” says Frank Nothaft, chief economist at Freddie Mac.
Nothaft also noted some improvement in the housing market, however. "There were indications that the housing market is firming,” he says. (see Pending Home Sales Rise in June)
Here’s a closer look at rates for the week ending Aug. 4:
30-year fixed-rate mortgages: averaged 4.39 percent, downfrom last week’s 4.55 percent average. A year ago at this time, 30-year rates averaged 4.49 percent.
15-year fixed-rate mortgages: averaged 3.54 percent, dropping from last week’s 3.66 percent average.Last year at this time, 15-year rates averaged 3.95 percent.
J.D. Power and Associates announced today that RE/MAX ranks highest in customer satisfaction, for both buyers and sellers, in its 2011 residential real estate survey.
That's right – we've earned the highest level of appreciation from BOTH groups of consumers, which is a remarkable statement about the Outstanding Agents in our organization.
NEW YORK (CNNMoney) -- May home prices in 20 major cities dipped 4.5% from one year ago, marking a continued decline in the already battered housing market.
The S&P/Case-Shiller report posted declines in both its 20-city composite and its 10-city index, which declined 3.6% year-over-year.
But housing did show some signs of life in May. Home prices ticked higher for the second consecutive month following an eight-month slide.
In May the 20-city index gained 1% compared with a month earlier, while the 10-city index rose 1.1% month-over-month.
David Blitzer, a spokesman for S&P, was cautious in detailing the index gains.
"While the monthly data were encouraging, most [metro areas] and both composites fared poorly in annual terms," he said.
Prices are also still off more than 32% from their highs, set in July, 2006 and hover at about the same level they were in mid-2003.
According to Mike Larson, a housing market analyst for Weiss Research, the market is going nowhere fast.
"I like to picture it as a sailing ship caught in the doldrums," he said. "You're no longer being swept away by a hurricane but you're not moving much either."
High-end homeowners are starting to capitulate on pricing and, in an odd way, are helping to stabilize prices in Southwest Florida.
As sellers come down, buyers are moving off the fence. As buyers make deals, that is pushing a fresh influx of higher-priced transactions into a mix that has been dominated by lower-priced distressed properties for more than a year.
In June that phenomenon boosted the median sales price in the Sarasota-Bradenton market by 5.4 percent to $162,000 from May.
High-end real estate agents in Southwest Florida saw 27 homes and condominiums sell for more than $1 million in Sarasota County last month and they are expecting more this summer.
"We're 50 percent off our 2005 highs," said Sarasota broker Kathy Marlowe. "That's true at almost every price point."
The most expensive home to sell in Manatee County last month went for $2.3 million, or 47 percent less than the $4.3 million that the 5,900-square-foot abode in Legends Bay commanded in November 2008.
A house on Teal Creek Glen in Lakewood Ranch that sold for $2.24 million in December 2005 went for $925,000 in June.
Marlowe has watched prices come down neighborhood by neighborhood. Sellers may hold out for a while in some areas, but eventually they... ...read full post
posted by Andrew Bers
on Sat., Jul 23rd, 2011
in
real estate
Friday, July 1, 2011Andrew Bers has been involved with real estate since the late 1970s. He has sold millions of dollars worth of residential property, and he is an expert on foreclosures and short sales, earning "specialist" accreditation by the National Association of Realtors. Correspondent Chris Angermann sat down with him at the RE/MAX Alliance Group office on Webber Street to discuss short sales.
Q:Why do we continue to have so many short sales?
A:At the end of last year, the number of Americans who owed more on their mortgages than their homes were worth rose. Close to 50 percent of the homes in Florida are "underwater." At some point, owners make a determination to sell, sometimes informed, sometimes based on fear, or because they can't carry the mortgage anymore. Short sales — bank-negotiated settlements — are better than foreclosures. They have less impact on credit scores, and in some situations it's possible to sell the property without tax consequence or having to make up any deficiency... ...read full post
Five Star Professional has named Andrew Bers as the recipient of the 2011 Five Star Real Estate Agent award. The award recognition will appear in a special section in the July issue of Sarasota Magazine.
Five Star Professional partnered with Sarasota Magazine to conduct research to identify a select group of real estate agents who are exceptional in both their ability and their commitment to overall satisfaction.
A survey was provided to all Sarasota area residents who purchased a home within a 12-month period, plus subscribers of Sarasota Magazine and 250 mortgage and title companies. Respondents were asked to evaluate real estate agents they knew through personal experience and to evaluate them based on nine criteria. Both negative and positive evaluations were included in the scoring.
All qualified real estate agents were screened with the State Real Estate Commission’s database to verify that licenses were current and no disciplinary actions were pending. The final list was reviewed by a panel of local realty company executives, professional and trade association officers and others directly involved in housing-related businesses.
Andrew Bers with RE/MAX Alliance Group in Sarasota, FL is a consistently top ranked Realtor worldwide. He has... ...read full post
posted by Andrew Bers
on Fri., Jul 1st, 2011
in
real estate
By Kim Fulscher • Bankrate.com In this buyer's market, some homebuyers ask themselves: Will purchasing a short sale or foreclosure end in disaster -- or yield a jackpot?
And which type is best to go all-in with: a short sale or foreclosure?
"There's really no cut-and-dry answer," says Gwen Daubenmeyer, a certified distressed property expert with Re/Max in the Hills in the Detroit area. "It really depends on the buyer and what the buyer's priorities are."
Before starting their search, homebuyers who want to play their cards right should know the benefits and drawbacks of buying either type of "distressed" property: foreclosures and short sales. Read more: Which to buy: short sale or foreclosure?... ...read full post
posted by Andrew Bers
on Tue., Jun 28th, 2011
in
real estate
In the June 27th issue of Forbes Magazine, there is an article that exemplifies what we have been telling our buyers. NOW IS THE TIME TO BUY. If you are looking at retiring in the near future, buy that dream retirement home now.
The article highlights several good areas to buy, including south Florida and explains how to manage it till you are ready to live in it and some of the tax advantages and disadvantages.
Realtor Magazine and USA Today report on the colossal failure of banks to modify home loans: WASHINGTON – June 10, 2011 – The nation’s largest mortgage loan servicers have done a poor job in modifying distressed home loans through the government’s foreclosure prevention program and need “substantial improvement,” the Obama administration said Thursday.
Based on a recent audit, Bank of America, Wells Fargo and JPMorgan Chase will lose government financial incentives that reach at least $1,000 for a permanent loan modification until they improve, the Treasury Department said. They received $24 million in such incentives last month.
None of the 10 largest servicers participating in the Making Home Affordable Program have done a good job, Treasury said. Ocwen Loan Servicing also needs substantial improvement and six others need “moderate improvement,” the audits show.
See the latest sales figures for Longboat Key, Anna Maria Island, Siesta Key and downtown Sarasota on our new website
In our ongoing effort to educate and share vital information, we have established a new place where you, either as a buyer or seller, can see the latest sales figures for some of our more popular areas.
Beginning this month we have established 4 pages highlighting the closed transactions for condominiums, single family homes and vacant lots on Anna Maria Island, Longboat Key, Siesta Key and downtown Sarasota, which includes Golden Gate Point and Bird Key.
We will be updating the reports monthly but will be happy to provide you a report sooner should you have an interest. Please email Andrew@AndrewBers.com with your request.
This week the U.S. Department of Housing and Urban Development (HUD) launched a new campaign in Miami, Chicago, and Los Angeles called Know It. Avoid It. Report It. This campaign has two objectives. First, it aims to direct homeowners facing foreclosure to trusted resources and housing counselors. Second, and more importantly, the campaign wants to solicit the support of homeowners in shutting down scammers who regularly target the elderly, Hispanics, and African Americans. Both objectives will be pursued through education and outreach, anti-scam reporting tools, and close cooperation with federal, state, local, and non-profit partners.
Newly deceptive scam artist tactics lure homeowners into misleading agreements. Their tactics include giving the false impression that they are affiliated with the government, charging illegal up-front fees, and executing fraudulent lease-back, financing, and repurchase schemes.
Highlights of the Know It. Avoid It. Report It. campaign include:
Information on how to avoid becoming a victim
Scam artist red flags and fraud warning signs
Complaint form and hotline to report fraud or suspicious activity
Resources for finding HUD-approved counselors and free housing workshops in every state
Names of individuals and companies identified by law enforcement agencies who have allegedly committed loan modification fraud or foreclosure relief scams
CNNMoney is reporting a dip in foreclosures. While on the surface, the crisis seems to be easing, the number of foreclosure notices filed during the first three months of 2011 fell 27% compared with the first quarter of 2010, according to a report from RealtyTrac released Thursday.
Only 681,000 properties got hit with some type of filing -- a notice of default, a scheduled auction or a foreclosure sale -- during the quarter, one for every 191 households.
Total property sales in the Sarasota real estate market hit 800 for the month of March 2011 - the highest level since September 2005 when sales started to decline. The other great news in March - prices rose in double digits for both single family homes and condos from the previous month, pending sales were the highest since the real estate boom ended in 2005, and the inventory dropped to 5,501 - less than a third of the available properties on the market during the boom.
"Sarasota is clearly a recovering market," said SAR President Michael Bruno. "Agents are very busy showing properties and writing contracts, and people are excited about our strong market rebound. Obviously, we haven't seen numbers like these in several years. There is a buzz in the local market that's reaching out to buyers across the nation and even internationally."
What makes the statistics even more positive is the fact that there is no federal homebuyer tax credit initiative fueling this surge. The tax credit drove up spring sales last year, but this year's numbers are strong simply on the basis of the incredible quality and value evident in the local real estate market.
Fortune magazine this week is reporting that the time has come to buy real estate again. "After four years of plunging home prices, the most attractive asset class in America is housing," proclaims Fortune magazine, one of the world's premier business publications, in its April cover story.
And we could not agree more. With the first quarter of 2011 being our most successful in the last 4 years we too believe that if you are thinking of buying a first, second or vacation home, the time to do so could not be better. As an expert on Longboat Key and the surrounding areas I would be happy to share my knowledge with you. Have a question? Please give me or Robbie a call today.
We will be adding new content to our new site soon. One of the first items will be a sales report for Longboat Key. Want to know what your neighbor's house sold for? How much is it listed for? We will have this for you soon, in one central place... but if you can't wait till then, give us a call.... ...read full post
Dan Steward, president of Pillar To Post Professional Home Inspections has a great list of things to watch for when buying a foreclosure. As a realtor who has sold more than a dozen foreclosures in the first 3 months of 2011, I would encourage you to read his list if you are even remotely thinking of buying a foreclosure in the Sarasota Florida area. (read the full article here)
We are seeing our real estate market here in Florida slow down as our busy winter season winds to an end. However we expect an increase in bank owned properties to come on the market in the next quarter. If you have a question about bank owned properties please give me or Robbie a call. We are happy to answer your questions. We have a great team of experts assembled to work with.
Lastly, be sure to look at our property search pages and foreclosure pages for currently listed bank owned properties in our area.
Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them? Many home owners in the Sarasota Florida area are like those nationwide, losing sleep about the next mortgage payment. And with many in our area retired they generally feel they have fewer options.
If you are unable to make your mortgage payment:
Don't ignore the problem. The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.
Contact your lender as soon as you realize that you have a problem. Lenders do not want your house. They have options to help borrowers through difficult financial times.
Open and respond to all mail from your lender. The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notices of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.
Know your mortgage rights. Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws... ...read full post
St. Petersburg Times newspaper today has a scary story about the realities of what could happen after a foreclosure...the lender can haunt you for up to 20 years.
Unlike a foreclosure, which homeowners dread but expect once they stop making payments, deficiency actions can sneak up on people who thought their problems were behind them when they handed over the house keys.
The deficiency action can be brought by the primary lender, a second mortgage holder, a mortgage insurance company or a government entity like Fannie Mae or Freddie Mac.
There are several items that a professional Realtor can provide to you while in pursuit of your next (or first) home. I offer you several items to consider when asking yourself whether or not you will benefit from the assistance of a real estate agent.
1. Do I have time to research the residential housing market?
2. Do I have the knowledge to integrate and understand the information available to me?
3. Can I integrate the information available on real estate internet sites into useful data that can help me accomplish my goal, of home ownership?
4. Do I have the time and expertise to negotiate on my own behalf on a short sale or foreclosure?
5. Do I have the ability to find a qualified home inspector?
6. Do I have the time to research the home loan programs available in the market?
7. Do I have the time to interview mortgage loan officers?
8. Do I have the time and expertise to target market, if necessary, for the type of property I am looking to purchase? .
9. Do I know the zoning regulations and building codes pertaining to residential real estate in the area I am interested in moving to?
The weather is getting better each week and the events around the area are not in any short supply. This weekend you could go to a ballet, theatre, concertand more and still have time to enjoy the beaches.
If you are looking for something to do this weekend, check out the calendar at our friends Sarasota and Her Islands website.
A leading story in the news this week is the latest figures showing a slump in new home sales and construction. Many buyers now are going after the bargain rather the shiny and new. The glut of forecloses on the market is to blame. A great story on MSNBC.com explains it perfectly.
The Herald-Tribune is reporting today that the area real estate market has rebounded a tad. Sarasota county median sales price rose 1% to $137,000 and Charlotte county prices rose 5%. They say that 40 percent of sales nationwide were either foreclosures or short sales. That contradicts CNNMoney's figures of 26%. The truth is probably somewhere in between. The paper goes on to say that about half of Southwest Florida sales figures in the region are distressed properties.
This justifies to what we are saying here on The Bers Team, the market has reached bottom and is now ready to climb. It is the perfect time to buy if you are considering investing in real estate. If you have questions, please give us a call, we are happy to answer your questions.
Forbes magazine today announced the 10 most vacant cities in the US. Looking at empty housing and the rental market, Orlando came in first place. Second went to Las Vegas. Both cities are in the parts of the country that baby-boomers are looking at to retire in or purchase that retirement home now.
If you would like to read the complete article go here. If you would like to talk with me about the real estate opportunities here in Florida, please give me or Robbie a call.... ...read full post
A story today on CNNMoney.com predicted that rents would rise 10% next year in some parts of the country and as much as up to 30% in the over next 3 years. It urged renters to renew their leases but I believe they are wrong. If you are currently renting, now is the time to buy. Almost all analysis has said this is the bottom of the market and prices will start to rise. The economy is recovering, the government is working on tax breaks and urging banks to make more loans.
Before renewing your lease I urge you to consider these facts as to the reason now is the time to own a home.
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected... ...read full post
As a real estate professional, it is my job to guide you the seller through the very personal task if selling your home. I can help you make all decisions but one...when to accept the offer.
An article today online identified some very solid points for you to consider.
From the website Realty Times they say sellers can feel pressure when trying to decide whether to accept a buyer offer on their home. While real estate professionals can advise clients on whether to accept an offer, the final decision is up to the seller--and it can be an agonizing one.
In the current buyer’s market, buyers aren’t shy about making lowball offers to sellers either. So when should you accept or decline an offer?
Realty Times recently offered the following questions for sellers to consider.
Is the buyer pre-qualified/approved? You may not want to risk a deal falling through because the buyer wasn’t pre-qualified for a loan.
Do you need to move quickly? If you need to move quickly--due to a job relocation or to avoid foreclosure--you may need to accept an offer that is less than what you want.
Reading an article in a trade magazine got me to thinking about those I sold homes to last year. With taxes being due in little over a month I thought I would share a few tips.
Owning your own home opens the door to many tax opportunities. We suggests these several ways to save on your tax return:
If you bought a home last year, you may benefit from a refundable first-time home buyers’ credit of 10% of the purchase price of a new home—up to $8,000. The credit is available for homes purchased before October 1, 2010 and you must have entered into a binding agreement to buy the home before May 1, 2010. You can’t have had an ownership interest in a principal residence during the three years before the purchase.
You can take the interest on your mortgage indebtedness of up to $1 million as an itemized deduction. The interest can be on your principal residence and one additional residence.
If your lender forgave your mortgage debt of up to $2 million on your principal residence, as in a write-down or foreclosure, the transaction won’t be treated as “cancellation... ...read full post
posted by Andrew Bers
on Tue., Mar 15th, 2011
in
real estateTaxes
The Sarasota Association of Realtors announced today some surprising figures for last month's sales. The number of available properties in the Sarasota real estate market dropped to a six-year low in February 2011, and sales were up 24.2 percent from the previous month. Median sales prices for both single and condominiums dropped as bargain hunters continued to grab foreclosures and short sales, which represented almost 47 percent of all sales.
Compared to this time last year, sales were up 27 percent to 673 total sales, from February 2010's total of 528 sale. There were 472 closings on single family homes and 201 closings on condos last month by members of the Sarasota MLS.
Good morning. If you have not already seen the new site, I encourage you to take a minute and look at it today. We have hired Sarasota's talented designer Glenn Williams who has worked on and for several of the area's top real estate brokerages. He has given us an easy to use site full of content.
We are also dividing our facebook pages to focus on our 2 main areas of expertise: the luxury homes market and short sales and foreclosures. You can find them on facebook as Andrew Bers, Luxury Homes Specialist and Sarasota Short Sales and Foreclosures by Andrew Bers, PA.
Between the new site, this blog and 2 facebook pages we hope to enlighten you as to the market conditions and answer your questions. We are happy to assist with your next real estate transaction.
Thank you for stopping by today and I hope you will click the subscribe button on the right.... ...read full post
posted by Andrew Bers
on Mon., Mar 14th, 2011
in
real estate
Good news for all those still thinking of buying. Many analysts are reporting we are at the bottom of the market and should see it start to rise soon. Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®), which shows mortgage rates holding steady and below 5.0 percent.
Motivated seller - price reduced! romantic, euro style residence with full bay views, situated on a beautifully landscaped acre of land with deep water dockage for a yacht and multiple water craft!this private retreat features two master bedroom suites surrounded on two levels with spacious french terra cotta decks. the interior flooring throughout is a luxurious blend of marble, solid oak, birch and native coral stone. baths enjoy a liberal mix of marble and cherry wood cabinetry. first floor master bath includes an imported Italian vanity with a marble counter top and porcelain sink accented with a 24 carrot gold embellishment. the upstairs' master bedroom quarters encompasses the entire top floor and can easily be utilized as a self sufficient in law suite, Sarasota bay sunsets included nightly overlooking the pool and magnificent grounds dotted with tropical coconut and royal palms. escape to this value priced, romantic, bay front hideaway!
Some consumers lack the knowledge about credit scores, and most importantly, how you can boost it to get better deals on home loans or other type of loans.
Many consumers also didn’t know how to boost credit scores. One common myth, for example, is that paying cash is the only way to build a good credit score. However, the amount of available credit you have isn’t what hurts your credit score and borrowers are usually better served at keeping two or three credit cards open. A credit score factors in the amount of debt you carry in relation to that available credit — and how well you pay your bills on time that matters more to lenders, the Detroit Free Post reports.
Credit scores have been dropping nationwide due to economic hardship. About a quarter of customers — nearly 43.4 million — had a credit score of 599 or below, which is considered poor risk, and likely won’t qualify them for loans. Or, they’ll have to pay dearly for mortgages or car loans, according to FICO.
Consumers are entitled to a free copy of their credit reports once a year from each of the three nationwide credit-reporting companies.
Out local newspaper is reporting area foreclosures are falling and have been since the end of 2010 here in the Manatee and Sarasota county areas. Nationwide foreclosures are down and the recent bottleneck in the courts is cited.
Home sale prices fell throughout Florida in January, surprising some housing analysts as cash-rich investors swooped in to scoop up bargains.
The median price in Sarasota-Bradenton hit a new post-recession low of $136,300 — down 13 percent from a year ago in a market dominated by distressed properties.
... 
Five Star Professional has named Andrew Bers as the recipient of the 2011 Five Star Real Estate Agent award. The award recognition will appear in a special section in the July issue of Sarasota Magazine.
Motivated seller - price reduced! romantic, euro style residence with full bay views, situated on a beautifully landscaped acre of land with deep water dockage for a yacht and multiple water craft!this private retreat features two master bedroom suites surrounded on two levels with spacious french terra cotta decks. the interior flooring throughout is a luxurious blend of marble, solid oak, birch and native coral stone. baths enjoy a liberal mix of marble and cherry wood cabinetry. first floor master bath includes an imported Italian vanity with a marble counter top and porcelain sink accented with a 24 carrot gold embellishment. the upstairs' master bedroom quarters encompasses the entire top floor and can easily be utilized as a self sufficient in law suite, Sarasota bay sunsets included nightly overlooking the pool and magnificent grounds dotted with tropical coconut and royal palms. escape to this value priced, romantic, bay front hideaway!
