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Realtor.com’s Top 10 Turnaround Report is home to 8 Florida markets. Over the last few days, we announced the Central Florida towns and Southeast Florida towns that made the list. Today, Realtor.com is announcing Florida’s Southwest markets that made the list including: #4 Fort Myers-Cape Coral, FL; #5 Sarasota-Bradenton, FL; #7 Naples, FL; and #10 Punta Gorda, FL.
Read more: REALTOR.com’s Top Ten Turnaround Towns: Southwest Florida Digs Itself Out (DATA) | REALTOR.com® Blogs... ...read full post
posted by Andrew Bers
on Thu., Feb 2nd, 2012
in
Andrew Bers
The Herald-Tribune reports Consumer confidence fell nationally last month but rebounded in Florida to its highest level since January 2011.
A survey by the University of Florida showed confidence among Floridians rose seven points to 77 from a revised December reading of 70.
Four of the five categories measured by the survey showed increased optimism.
The overall perception among survey takers that they are better off financially than they were a year ago rose four points to 60. That was the highest figure since March 2008, when the U.S. economy began to falter.
Expectations that their personal finances will improve by this time next year also rose eight points to 86. Confidence in the nation's economy over the next year went up 14 points to 74. Trust in the U.S. economy over the next five years also was upbeat, increasing 10 points to 83.
Only when it came to deciding whether now is a good time to buy big-ticket items, such as an automobile, did confidence sag, falling four points to 81.
"We are beginning the year with the same pattern as last year, where there were relatively steady increases in confidence from the end of the summer with a surge to 77 in January 2011," said... ...read full post
posted by Andrew Bers
on Wed., Feb 1st, 2012
in
Andrew Bers
Herald Tribune reports U.S. home prices fell for a third straight month in nearly all cities tracked by a major index.
Prices dropped in November from October in 19 of the 20 cities tracked, according to the Standard & Poor's/Case-Shiller home-price index released today.
The biggest declines were in Atlanta, Chicago and Detroit. Phoenix was the only city to show an increase.
Tampa saw a 1.1 percent decline from October to November, while Miami saw a 0.5 percent decline. Tampa fell to its lowest level since the housing crisis began.
The Sarasota-Bradenton and Charlotte County-North Port markets are not included in the Case-Shiller index. By other measures home prices here have given some ground in recent months, though they have been selling within a certain pricing band for nearly all of 2011.
The December median in Sarasota-Bradenton fell 2 percent to $154,400 from $156,800 a year ago, but that December price was up 1.5 percent from November, according to Florida Realtors data.
In Charlotte County-North Port, the December median of $97,500 was up 10 percent from $88,400 a year ago but down 5 percent from $102,600 in November.
The declines across the nation partly reflect the typical fall slowdown after the peak buying season.
Read the entire article... ...read full post
posted by Andrew Bers
on Wed., Feb 1st, 2012
in
Andrew Bers
NEW YORK (CNNMoney) -- Home prices posted a steep, month-over-month drop in November, falling 1.3%, according to the latest S&P/Case-Shiller 20-city report. Prices fell in 19 of the 20 cities the index covers.
Prices are down 3.7% from a year ago, and off 32.8% since they peaked in the summer of 2006. The index is currently only 0.6% above its March, 2011 low.
"Despite continued low interest rates and better real GDP growth in the fourth quarter, home prices continue to fall," said David Blitzer, spokesman for S&P.
Phoenix, one of the hardest hit metro areas in the country, was the only place to record a gain in November. Prices there rose 0.6% month-over-month but are down 3.6% from a year ago.
Home prices in Chicago posted the steepest decline of any city on the index, falling 3.4% month-over-month. Atlanta prices were down 2.5% and Detroit prices fell 2.4%.
Read the entire article at: http://money.cnn.com/2012/01/31/real_estate/home_prices/index.htm
#... ...read full post
posted by Andrew Bers
on Wed., Feb 1st, 2012
in
Andrew Bers
The Sarasota Herqald Tribune is reporting that Forecasting what's ahead for Florida's economic future in 2012 requires understanding current key data points.
While the pseudo-unemployment rate is no longer in double digits and Florida's population increased last year for the first time since 2008, the following economic and demographic information overshadows any hopium outlooks and portends another tumultuous year: see the list at http://www.heraldtribune.com/article/20120130/COLUMNIST/120129559/2604/opinion09
#... ...read full post
posted by Andrew Bers
on Wed., Feb 1st, 2012
in
Andrew Bers
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."
Other recent good news for the housing market: November sales of existing homes increased 12 percent year-over-year, new-home building starts were up nearly 21 percent year-over-year, and mortgage rates reached new record... ...read full post
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.)
Source: RealtyTrac
DAILY REAL ESTATE NEWS |... ...read full post
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.
Interested and want to know more? See this link. ... ...read full post
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.
Read the entire report.... ...read full post
Florida Realtor reports (JUPITER, Fla. – Dec. 6, 2011) with real estate prices low, many people are considering buying an investment property and becoming a landlord.
It might sound simple, but real estate pros warn that there’s a lot to know. The landlord who doesn’t follow such basic guidelines as conducting a thorough background check can get stuck with a nightmare tenant. It takes both business sense and common sense.
“Most of my tenants, 98 percent, are terrific,” said Jupiter real estate broker and investor Carl Presto, who owns 60 properties. “The problem is that 2 percent.”
The down economy that has resulted in real estate bargains also means it’s more difficult to find a tenant who can afford to pay first and last month’s rent and a security deposit upfront. Landlords report they have to go through 30 to 40 applicants before finding a qualified tenant.
Landlords also find they are competing with foreclosed houses, which some people rent below market, forcing rents lower.
Although picking up a cheap condominium unit might be tempting, David Dweck, founder and president of the Boca Real Estate Investment Club and a real estate broker and investor, advises avoiding them. Instead, buy a duplex, triplex, small apartment building... ...read full post
WASHINGTON – Dec. 2, 2011 – Fannie Mae and Freddie Mac announced yesterday that they would suspend evictions of foreclosed single family and 2-4 unit properties from Dec. 19, 2011, through Jan. 2, 2012. While lenders will continue completing legal and administrative paperwork, no families will be thrown onto the street over the holidays.
“The holidays are meant for families to spend time together, especially if they’ve gone through the stress of financial challenges and foreclosure,” said Terry Edwards, Fannie Mae’s executive vice president of credit portfolio management. “No family should have to give up their home during this holiday season. Fannie Mae is committed to helping borrowers avoid foreclosure whenever possible and we encourage any homeowner who is having difficulty making their payment to reach out for help.”
While Fannie Mae and Freddie Mac back roughly half the mortgages in the U.S., some lenders also promised to place a moratorium on evictions over the holidays. Bank of America and Wells Fargo, for example, told CNNMoney that they had no plans to evict troubled homeowners before 2012.
Beyond altruism, the mortgage industry hopes to avoid bad publicity at a time of year when news stories focus on charity and kindness.
The eviction moratoriums apply... ...read full post
Some housing markets are still battling high numbers of foreclosures that are continuing to put downward pressure on overall housing prices. Many of the cities facing the highest spikes in foreclosure are facing high unemployment rates, underwater borrowers, and low median family income.
24/7 Wall St., using data from RealtyTrac, found that the following cities saw the biggest increases in foreclosures by 30 percent or more between the second and third quarters of 2011:
Click here for the list.... ...read full post
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%
See the entire list here.... ...read full post
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.
Read the entire article here.... ...read full post
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.
Read more of the article here.... ...read full post
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
LOS ANGELES (AP) – Nov. 11, 2011 – More U.S. homes entered the foreclosure process in October than in the previous month, with Florida, Pennsylvania and Indiana registering among the largest monthly increases, new data show.
Some 77,733 properties received an initial default notice last month, up 10 percent from September, foreclosure listing firm RealtyTrac Inc. said Thursday.
The number of homes scheduled to be auctioned or repossessed by lenders also posted monthly increases.
All told, notices of default, scheduled auctions and bank repossessions – warnings that can eventually lead to a home being lost to foreclosure – hit a seven-month high in October.
The numbers are further evidence foreclosure activity is picking up.
Read the whole article here.... ...read full post
CNN Money has a great article:
Home prices heading for triple-dip
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.
Read the entire article here.... ...read full post
Peter Crowley of the Re/Max Aliiance Group published the following market analysis in his weekly blog:
Two important indicators point to a market in recovery:
1) listing inventory is continuing to decrease
2) pending activity is significantly stronger than last year.
The decrease in listing inventory from last year is due in part to increased sales activity coupled with the continued decrease in REO inventory. This drop in inventory has led to a six-month supply of homes, which traditionally signals a market in equilibrium.
Absent a resurgence of REO inventory, the increased demand from our upcoming season will shift the market to a seller’s market. REO specialists and other industry experts still predict an increase in the number of REOs entering the market in the coming months, which would counter this trend.
The significantly stronger pending sales compared to last year indicate a strong buying season ahead. The 2010-2011 buying season was the first healthy activity this market had seen in years, and the upcoming 2011-2012 season appears positioned to surpass that performance. The lower inventory and strong pending activity indicates prices should remain stable if not rise slightly in the short term. The main influence to counter that trend would be the addition of additional REO... ...read full post
Today the Sarasota Board of Realtors reported that September 2011 property sales in the Sarasota real estate market were ahead of last September, with 570 this year compared to only 547 at the same time last year. This represents a small drop in transactions compared to August 2011, when 601 sales were recorded. But historically, the early fall is one of the slower sales seasons.
A recent article in Realtor® Magazine Daily News noted that of the top 15 U.S. cities showing signs of year-over-year increases in list prices, ten are in Florida, and the Sarasota-Bradenton area came in 6th, with list prices up 15.9 percent. Listing price increases generally reflect optimism among sellers that a market is ready to head upwards.
The inventory of available properties for sale in Sarasota has been dropping for the past nine months, and was up only slightly in September to 4,430 after hitting a 10-year low of 4,408 the previous month.
The latest monthly figures in September showed a median price of $165,000 for single family homes, the same as August, and $140,000 for condos. The condo figure has been fluctuating for several months, hitting $185,000 in June, then dropping to $145,000 in July before climbing back... ...read full post
Florida Realtor Magazine reports FICO announced that it has agreements with four of the nation’s top 10 U.S. mortgage servicers to try to identify the borrowers most likely to attempt a strategic default.
In a strategic default, borrowers who can afford to make their mortgage payments choose instead to stop paying and go through foreclosure, generally because they’ve determined that the hit to their credit score is preferable to the cost of keeping the home. Roughly 35 percent of mortgage defaults are strategic, according to the University of Chicago Booth School of Business. FICO estimates the cost at more than $20 billion annually.
FICO uses an algorithm to analyze a lender’s pool of mortgage holders, and while it looks at a number of traits, it focuses largely on the six million U.S. homeowners with current-loan-to-value ratios of 120 or higher – a group considered twice a likely to consider a mortgage default.
A foreclosure or short sale does not always relieve the homeowner of a debt obligation, and lenders might not forgive an outstanding debt. While each lender handles strategic defaults in its own way, banks could use the new FICO information to take a hardline stance on owners who chose a strategic... ...read full post
NEW YORK (CNNMoney) -- As the foreclosure backlog continues to build up, delinquent borrowers are spending even more time in their homes without making mortgage payments.
Once borrowers start missing payments, they spend an average of a year and nine months, or 611 days, in foreclosure before banks repossess their homes, according to LPS Mortgage Monitor. That's more than twice as long as three years ago, when the average was 251 days. Earlier his year, the average was 523 days.
"The number of defaults in the pipeline has been huge and we had more problem loans than ever before," said Herb Belcher, who supervises analytics for Lender Processing Services (LPS), which provides mortgage industry information and analytics to big banks.
With so many bad loans, servicers have had to prioritize which ones they can deal with and which ones to push aside.
Read the entire article.... ...read full post
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
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
Sept. 23, 20111 - Condominium sales in the region climbed about 8 percent during August, but prices -- as they did with single-family homes -- sank last month.
Sarasota-Bradenton experienced a 7 percent increase in sales, from 240 units a year ago to 256 last month. Charlotte County-North Port's small base of sales saw an 18 percent increase, from 34 to 40.
Prices, however, in the market fell universally.
The median sales price in Sarasota-Bradenton was $123,300 last month, down 10 percent from a year ago and about 2 percent from July.
In Charlotte County-North Port, the $76,000 median was a 5 percent drop from a year ago and a 15.5 percent decline from July.
Foreclosures and other distressed sales continue to dominate the region, especially in Charlotte County, and accounted for much of the drop, experts said.
Statewide, 7,098 condos changed hands during August, an increase of 17 percent from a year ago.
The median sales price of $91,100 was a 12 percent increase from a year ago and was up a fraction from July.
Read the full story here.... ...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
Read the whole article here.... ...read full post
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.
Read more about it here.... ...read full post
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.
Read the entire story here.... ...read full post
By DEREK KRAVITZ, AP Real Estate Writer
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.
Read the entire article.... ...read full post
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.
See it here.... ...read full post
Foreclosure sales continue to drop, but foreclosure inventories remain high in many markets across the country. By the end of May, the number of mortgages that were 90 or more days delinquent, combined with the foreclosure inventory, outpaced foreclosure sales by 50:1, Lender Processing Services Inc. reports.
The biggest drop in foreclosure sales occurred in East Coast states. For example, foreclosure sales plummeted 96 percent in Washington, D.C., 80 percent in Maryland, and 79 percent in New York, according to Lender Processing Services’ monthly mortgage monitor report.
Mortgages that are 90 days or more delinquent, combined with the foreclosure inventory, totaled more than 4 million in May. Foreclosure sales at the end of May totaled 78,676.
The average time a home owner spends in foreclosure continues to get longer. More than 33 percent of home owners in foreclosure have not made a mortgage payment in more than two years.
Source: “Foreclosure Sales Plummet in May,” RISMedia (July 5, 2011)... ...read full post
4 Questions for a Pro: Short Sales
Friday, July 1, 2011 Andrew 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
Marie Selby Botanical Gardens presents a night to celebrate freedom commencing at 6:00 p.m. until the fireworks end. The Gardens' breathtaking Bayfront location and live music by "Impulse" will ignite the Monday evening celebration. Impulse's musical style ranges from Reggae to Soca to R&B classics with a few surprises along the way.
Children's activities and lawn games for the entire family will take place on the Great Lawn. An all American BBQ and Cook-out as well as beer, wine, soda, and other beverages will be available for purchase. Bring your blankets or chairs to appreciate the spectacular community fireworks along the Bayfront.
Tickets are $20 for adults; $17 for members; $17 for member guests; children 11 and under enter free. Make reservations online now or at the Welcome Center from 10 a.m. to 5 p.m. at 900 South Palm Avenue. All Pre-sale ticket buying ends at 3:00pm on July 4th. Tickets will then be available at the Welcome Center at 6:00pm on July 4th. Please no reciprocals or guest passes, as this is a fundraising event. There are no refunds or exchanges. If the fireworks display is cancelled, all purchased tickets can be exchanged for a one-day Regular Garden Admission Pass valid... ...read full post
We've been saying it all along. The real estate market here in Sarasota and Bradenton is on the rise and today's paper confirms.
Sarasota Herald Tribune: SARASOTA-BRADENTON HOME SALES: Rose 5 percent in May when compared with the same month a year ago, with 1,079 homes sold compared with 1,029 in May 2010.
HOME PRICES: The median price dropped 8 percent to $153,700 from $166,400 year ago. The April price was down about 1.3 percent from $155,700 in April.
Read the entire story here.
Want to see what your neighbor's house sold for this year? Check out our monthly sales reports for Anna Maria, Longboat Key, Sarasota and Siesta Key on our website.... ...read full post
FloridaRealtor has written a good overview of the challenge before the state Supreme Court in regards to lenders who use faulty paperwork to foreclose on homes.
"The core issue focuses on ownership of the mortgage. Thanks to complex financial instruments, the lender servicing the mortgage does not always have paperwork giving it the authority to foreclose; and in some cases, paperwork showing mortgage ownership has been pushed through with questionable signatures and research." says FloridaRealtor.
Read the entire story.... ...read full post
...isn’t a new phenomenon in the housing crisis. But with home values continuing to decline, more owners are finding themselves in a position where they may see it as a savvy business decision to destroy their credit rather than wait years for prices to recover. Marty Likier is one who knows the mental hurdles that have to be crossed to make the decision.
Read Marty's story at LoanSafe.org... ...read full post
Buy Now - Retire Later
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.
Read the article here and see how you can have the retirement home of your dreams.... ...read full post
LONGBOAT KEY, FL– Andrew Bers with RE/MAX Alliance Group has been awarded the Accredited Buyer’s Representation (ABR®) designation by the Real Estate Buyer’s Agent Council. (REBAC) of the NATIONAL ASSOCIATION OF REALTORS® (NAR).
Andrew joins more than 30,000 real estate professionals in North America who have earned the ABR® designation. All were required to successfully complete a comprehensive course in buyer representation and an elective course focusing on a buyer representation specialty, both in addition to submitting documentation verifying professional experience.
REBAC, founded in 1988, is the world's largest association of real estate professionals focusing specifically on representing the real estate buyer. There are more than 40,000 active members of the organization world-wide. THE NATIONAL ASSOCIATION OF REALTORS®, "The Voice for Real Estate," is the world's largest professional association, representing over 1,000,000 members involved in all aspects of the real estate industry.
In addition to the ABR designation, Bers has received numerous industry awards. His web site, mixed media campaigns, direct mail and property brochures have received ADDY Awards for advertising excellence. His web site was chosen Top 10 by the Florida Association of REALTORS Magazine. Bers has been ranked as a top REALTOR® worldwide and has been awarded the Five Star /... ...read full post
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.
Read the entire story.... ...read full post
More good reasons to seek qualified help when seeking to do a short sale: SANTA ANA, Calif. – June 8, 2011 – Banks and distressed home sellers stand to lose more than $375 million this year from a short sale scam that has sellers and banks agreeing to sell homes at very undervalued prices, according to a new study by CoreLogic.
In discovering the short sale fraud scam, CoreLogic analyzed 450,000 nationwide short-sale transactions in the last two years.
Read the entire story here.... ...read full post
Good news for many Florida homeowners - WASHINGTON – June 8, 2011 – Fannie Mae recently announced new rules that will require mortgage servicers to act more quickly and consistently in helping troubled homeowners avoid foreclosure.
Fannie told servicers they must strive to build a “strong customer service relationship,” better understand why the borrower is missing payments, and educate them on ways to prevent foreclosure.
Read the entire story here.... ...read full post
Continuing our promise to give you the tools to make important decisions we updated our sales reports for Longboat Key, Anna Maria Island, Siesta Key and the downtown Sarasota area. To see what has sold in your building or neighborhood since January 1st of this year visit our Sales Reports page.
May saw a significant number of sales homes and condos close. Not as many as April but it still puts this year far ahead of the previous two years in sales. The number of foreclosures continues to be a large portion of sales and we expect that rend to continue thru the end of the year.
We here on our team are still actively working with sellers who are looking for help in deciding if a short sale or foreclosure is a better option for them. We had over $1,000,000 in listings under contract for the month of May alone.
With last weeks reports of home prices double dipping - dropping below a recent low - and current interest rates on mortgages, we believe there is no better time to buy a home. If we can assist you or someone you know, please call us at 941-383-3741.... ...read full post
Herald-Tribune May 31, 2011 One of the most widely watched indexes of home prices in the nation plunged for the second quarter in a row, revealing continued weakness in the nation's real estate market.
The Standard & Poor's/Case-Shiller home price index, which measures 20 major metropolitan markets across the U.S., declined 4.3 percent during the three months ended March 31 compared with the same period a year earlier. The quarterly drop follows a 3.6 percent decline during the three months ended Dec. 31.
Regional statistics of late have run counter to the nationwide data, however, signalling that Southwest Florida, at least, is beginning to rebound from a housing crisis that was worse than in many parts of the country.
Read the entire article here.... ...read full post
REALTOR Magazine: For the sixth straight week, fixed mortgage rates inched down, reaching new lows for 2011. The 30-year fixed-rate mortgage averaged 4.60 percent this week while the 15-year mortgage averaged 3.78 percent, Freddie Mac reports in its weekly mortgage market survey.
... ...read full post
Well, we all knew we had the best beach in the country, now thanks to "Dr. Beach" everyone else on the country will too. This week coastal scientist Stephen P. Leatherman announced his 21st annual list of the top beaches in the US. This week he named Siesta Beach #1.
Siesta Beach has been on the list for the last several years but due to the oil spill in the gulf we were never number one. But that has changed! See the entire list on msn.com
If you would like to see first hand our sugary white sandy beach, give Robbie or I a call and we will help you find a great place to stay. We have a great list of places to stay, eat and play.... ...read full post
A total of 759 property sales were closed in the Sarasota real estate market in April 2011, continuing a strong spring surge that reached the 800 level in March. The recent sales rush has taken the market to the highest levels since the fall of 2005 when sales started to decline. Prices also maintained their highest levels of the year in April 2011 for both single family homes and condos, and the available property inventory dropped to 5,258, a big drop from last month's level of 5,501, and less than a third of the available properties on the market during the 2004-2006 real estate boom.
Read the entire report here.... ...read full post
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. ... ...read full post
REALTOR Magazine this week reported the national inventory of bank-owned properties rose in March to a record high of 2.2 million. Foreclosure starts also increased by 33 percent month-over-month, according to the March Mortgage Monitor report by Lending Processing Services Inc.
However, it’s not all doom and gloom for the housing market. The report revealed a significant increase in foreclosure sales, which is helping to chip away at the swelling inventories that are battering many markets. Read the full article here.... ...read full post
 I had the pleasure of participating in Sharky's Ride The Beaches yesterday. It was the 9th year for Sharky's on the Pier charity bike ride, Ride the Beaches. This year will once again support Livestrong, The Lance Armstrong Foundation.
Very well organized bike ride and a beautiful course along the Manasota Key beach and through the Canopy of Trees. Lunch and cold beer on the beach after the ride - perfect:) Sharky's did a great job benefiting Livestrong...a worthy cause.
Learn more about it and join us next year.... ...read full post
The Wall Street Journal this week reported that although we are hearing a lot of good stories about home prices being low and money cheap to borrow but some are saying that with inventory nationwide at an all time low, perhaps it is the seller right now who has the upper hand.
Many buyers are looking for discounts because they lack confidence that prices have reached a bottom, and sellers won't have much pricing power as long as buyers such as Mr. Hammack and Ms. Hunter are in no hurry. "It may take some time, but I'm willing to wait," Ms. Hunter says.
The Wall Street Journal's quarterly survey of housing-market conditions in 28 major metro areas shows inventories of unsold homes remain high but fell during the first quarter. Listings were down by nearly 25% from one year ago in Miami and Orlando, and by 12% in Phoenix and Portland, Ore., according to figures compiled by John Burns Real Estate Consulting.
Read the story in its entirety and see for yourself.
If you have any questions or would like to consider now the time to list your home, please give me a call. I'm here to help you with all your real... ...read full post
Maybe this will help....mortgage rates went down again last week.
- 30-year fixed-rate mortgage (FRM) averaged 4.80 percent with an average 0.7 point for the week ending April 21, 2011, down from last week when it averaged 4.91 percent. Last year at this time, the 30-year FRM averaged 5.07 percent.
- 15-year FRM this week averaged 4.02 percent with an average 0.7 point, down from last week when it averaged 4.13 percent. A year ago at this time, the 15-year FRM averaged 4.39 percent.
- 1-year Treasury-indexed ARM averaged 3.16 percent this week with an average 0.6 point, down from last week when it averaged 3.25 percent. At this time last year, the 1-year ARM averaged 4.22 percent.
You could not be in a better position to buy right now. Prices are at an all-time low and money is cheap!
Are you looking for a first home? second? vacation home? There are some incredible deals here on Longboat Key. Still can't decide? Call Robbie or myself and we... ...read full post
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
Read the details of... ...read full post
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.
There are a few factors for the dip and it may be only that... a dip. Read the full article and see how it may effect you.... ...read full post
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.
Mortgage rates has steadily increased over the last 3 weeks. Although the average rate is still hovering under 5% it is a good indication of the condition of the market. If you would like to see the latest report from FreddieMac, check out this story.... ...read full post
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. ... ...read full post
The New York Times reported yesterday that several of the nation's top lenders are close to agreeing on changes to foreclosure procedures. A formal signing is expected the end of the week.
Of the changes mentioned are "a single contact person for every homeowner in default" and "improved training for foreclosure staff." This could mean the servicers will end their practice of foreclosing while borrowers are pursuing loan modifications that might allow them to stay in their homes.
If you are behind in your mortgage payments or have received a lender from your lender I encourage you to read the full story or call me today. My team and I can help you navigate the confusing options and help you get on with your life.... ...read full post
 Siesta Beach, Siesta Key Florida: TripAdvisor announced their traveler's choice winners for beaches today. Our beautiful sugary white powder Siesta Beach again made the top 10 list. Award winners were determined based on the most highly rated beach destinations by travelers in TripAdvisor reviews. Unlike any other honors, TripAdvisor Travelers’ Choice winners are based on millions of real and unbiased reviews and opinions from travelers around the world. See the whole list here.... ...read full post
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
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