Luxury Real Estate Blog

Sarasota Named in Top 10 List of Cities for Moves

Andrew Bers — Thu, 16 Feb 2012 13:29:29 -0700

DAILY REAL ESTATE NEWS | WEDNESDAY, FEBRUARY 15, 2012 -- More people are flocking to the South, according to a list from Penske Truck Rental on the top moving destinations from last year. Atlanta once again tops the list, which was compiled through online consumer truck rental reservations by Penske from 2011. “As this list indicates, U.S. residents continue migrating primarily toward warm weather areas,” says Don Mikes, Penske’s vice president of rental. Here are the top places the company says people are moving to: 1. Atlanta 2. Phoenix 3. Orlando, Fla. 4. Dallas/Fort Worth 5. Chicago 6. Houston 7. Denver 8. Seattle 9. Sarasota, Fla. 10. Charlotte, N.C. Source: Penske Truck Rentals #

FL Homeowners to Receive Billions in Landmark Settlement

Andrew Bers — Tue, 14 Feb 2012 15:34:44 -0700

By Jeff Harrington and Mark Puente, Times Staff Writers -- The Tampa Bay Times is reporting that struggling Florida homeowners will receive $8.4 billion through loan modifications, lowered principal and other relief as part of a landmark $25 billion federal-state agreement with five of the country's biggest banks. The settlement announced Thursday includes payments of up to $2,000 to some who have lost their homes through questionable foreclosure practices. The Obama administration has estimated that up to 1 million homeowners could benefit, roughly a third of them in Florida. Based on the number of delinquent borrowers in Tampa Bay, as many as 100,000 property owners here may get help. Read more of the article at: http://www.tampabay.com/news/business/banking/florida-homeowners-to-receive-84-billion-in-relief-in-landmark-settlement/1214687 #

Andrew Bers to CoHost Radio Program This Weekend

Andrew Bers — Tue, 14 Feb 2012 13:53:52 -0700

Saturday, February 18th, Andrew will be the cohost on Gail Shane & Friends, “Community & Real Estate Talk”. The show airs Saturdays 10-11 am, WSRQ Radio 106.9 FM & 1220 AM, Or Listen Live in the Studio www.sarasotatalkradio.com. His topic to be discussed will be “My Home is Upside Down – What Do I Do?”. His business guest will be Joe Shea, Attorney, Alliance Group Title and Donna Evans from Goodwill of Manasota. We hope you will tune in and listen! #

Sarasota #5 in Turnaround Towns in Real Estate

Andrew Bers — Tue, 14 Feb 2012 13:50:39 -0700

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 #

Bloomberg Reports Banks Paying Homeowners to Avoid Foreclosures

Andrew Bers — Fri, 10 Feb 2012 18:22:23 -0700

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 got what looked like a form letter from her lender. “You could sell your home, owe nothing more on your mortgage and get $30,000,” JPMorgan Chase & Co. (JPM) said in the Aug. 17 letter obtained by Bloomberg News. Read the entire article at: http://www.bloomberg.com/news/2012-02-07/banks-paying-homeowners-a-bonus-to-avoid-foreclosures-mortgages.html?utm_source=Copy+of+Ber&utm_campaign=Bank+Foreclose+Short+Sale&utm_medium=email #

Short sale sellers need to close in 2012

Andrew Bers — Sun, 05 Feb 2012 16:30:24 -0700

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 in the 25 percent tax bracket could end up owing $25,000 in income taxes. Since short sales can take months and even fall through, homeowners considering a short sale may want to start the process sooner rather than later. © 2012 Florida Realtors® http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=271220 #

Southwest Florida ranks high in online interest

Andrew Bers — Sun, 05 Feb 2012 16:30:09 -0700

Herald Tribune -- Staff Report Online searches for properties at a prominent real estate site showed North Port-Bradenton-Sarasota as the third biggest target in the nation. The local market was behind only Palm Bay-Melbourne-Titusville and Lakeland-Winter Haven on a list produced by Trulia.com for the fourth quarter and released on Thursday. The calculation by the Internet real estate site, which logs 100 million property views each month, found more than six times as many "inbound" home searches by outsiders for this region as "outbound" by local residents. The region had been tops on a previous list for the third quarter. Trulia also gave some insight as to where the interest was coming from. In the case of Gulf Coast homes, more came from Chicago than anywhere else. For the Atlantic coast and Central Florida, demand was coming from New York more than anywhere else. See the complete list at: http://www.heraldtribune.com/article/20120203/article/302039998 #

Region still a retirement destination for boomers

Andrew Bers — Sun, 05 Feb 2012 16:29:52 -0700

Herald Tribune -- By Barbara Peters Smith From top-quality health care, to a warm beachfront climate, low taxes, arts and culture, recreation, services for older people and other features, Southwest Florida has what many baby boomers say they're looking for in retirement, a new survey shows. Of the 11 qualities boomers most want in a retirement mecca, the Sarasota area ranks solidly in seven. Others — such as whether it ever gets cool enough here — may be open to some personal interpretation. Overall, the list looks a lot like one the baby boomers' parents might have come up with. And it plays to the same strengths that have pulled retirees to Southwest Florida since the 1920s: the beaches, the warmth, the services and activities for older residents. But the question — what do boomers want? — is even more pressing because of this generation's size and potential economic impact. Read the entire article at: http://www.heraldtribune.com/article/20120202/ARTICLE/120209878 #

Region finally outpacing state in recovery

Andrew Bers — Sun, 05 Feb 2012 16:29:35 -0700

Herald-Tribune -- By Doug Sword The Sarasota-Manatee economy fell harder and faster than the rest of the state during the Great Recession. It also grew more slowly during the first stages of the recovery — until recently. In the latest two months of economic data available from the Florida Department of Revenue, businesses in the two counties reported monthly sales increases of 9 percent, outpacing the statewide growth rate of 3.6 percent in October and 6.3 percent in November. In the first 11 months of 2011, businesses in the two counties posted $18.3 billion in sales, a 7.5 percent increase from the same period in 2010. After five years of mainly lagging the rest of the state, sometimes by big margins, the two-county economy has finally outpaced the state's 6.6 percent growth rate. Read the entire article at: http://www.heraldtribune.com/article/20120202/ARTICLE/120209874/2107/BUSINESS #

REALTOR.com’s Top Ten Turnaround Towns: Southwest Florida

Andrew Bers — Thu, 02 Feb 2012 02:43:58 -0700

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

Florida Consumers Feeling More Confident

Andrew Bers — Wed, 01 Feb 2012 21:04:00 -0700

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 Chris McCarty, director of UF's Survey Research Center in the Bureau of Economic and Business Research. "This was followed by seven months of decline with the low of 61 in August 2011 when Congress debated the debt ceiling." Read the entire article here.

Nationwide - Home Prices Drop Again

Andrew Bers — Wed, 01 Feb 2012 21:02:03 -0700

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 here.

November Prices Show Steepest Decline

Andrew Bers — Wed, 01 Feb 2012 15:33:14 -0700

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 #

Another Tough Year Predicted for Florida

Andrew Bers — Wed, 01 Feb 2012 15:32:12 -0700

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 athttp://www.heraldtribune.com/article/20120130/COLUMNIST/120129559/2604/opinion09 #

2011's foreclosures lowest in four years

Andrew Bers — Thu, 26 Jan 2012 21:03:46 -0700

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 the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011 – though still below the peak of 2010.” December activity hits 49-month low   Foreclosure filings were reported on 205,024 U.S. properties in December, a decrease of 9 percent from November and 20 percent from December 2010. December’s total was the lowest monthly total since November 2007. December default notices decreased 19 percent from the previous month and were down 23 percent from December 2010; Scheduled foreclosure auctions decreased 12 percent from the previous month and were down 24 percent from December 2010; and bank repossessions (REO) increased 10 percent from the previous month but were still down 12 percent from December 2010. Florida No. 7 in number of foreclosure actions   More than 6 percent of Nevada housing units (one in 16) had at least one foreclosure filing in 2011, giving it the nation’s highest state foreclosure rate for the fifth consecutive year despite a 31 percent decrease in foreclosure activity from 2010. Despite a 28 percent drop in foreclosure activity from November to December – caused largely by a 41 percent drop in scheduled foreclosure auctions – Arizona registered the nation’s second highest state foreclosure rate for the third year in a row, with 4.14 percent of its housing units (one in 24) with at least one foreclosure filing in 2011. California logged the third-highest number of foreclosure actions in 2011 with 3.19 percent – one of every 31 housing units. Georgia ranked fourth with 2.71 percent of housing units (one in 37) in the foreclosure process; Utah ranked fifth with 2.32 percent of its housing units (one in 43) in the foreclosure process. Other states in the top 10: 6) Michigan (2.21 percent), 7) Florida (2.06 percent), 8) Illinois (1.95 percent), 9) Colorado (1.78 percent) and 10) Idaho (1.77 percent). Florida No. 3 in time it takes to process a foreclosure   Nationally, it took an average of 348 days to complete the foreclosure process in 2011 fourth quarter, up from 336 days in the third quarter and 305 days in the fourth quarter of 2010 – a 24 percent increase. The average foreclosure process in New York has increased 37 percent during the time period and took an average of 1,019 days to complete. New Jersey documented the nation’s second longest average foreclosure process, at 964 days.  Florida documented the nation’s third longest average foreclosure process, at 806 days. © 2012 Florida Realtors® #

Sarasota Makes Top 10 List For Soaring List Prices

Andrew Bers — Thu, 26 Jan 2012 19:06:05 -0700

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. Tucson, Ariz. Month-to-month increase: 2.41 percent Year-over-year increase: 2.41 percent Median list price: $174,000 9. Sarasota-Bradenton, Fla. Month-to-month increase: 2.13 percent Year-over-year increase: 16.56 percent Median list price: $240,000 10. West Palm Beach-Boca Raton, Fla. Month-to-month increase: 1.86 percent Year-over-year increase: 15.26 percent Median list price: $219,000 By Melissa Dittmann Tracey for REALTOR® Magazine’s Daily News #

New York Times reports on Surfing for a Vacation Rental

Andrew Bers — Tue, 24 Jan 2012 21:13:12 -0700

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 #

Herald Tribune reports impressive new unemployment figures for Florida

Andrew Bers — Tue, 24 Jan 2012 21:04:08 -0700

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 as post-holiday layoffs show up in this month's data. But like Brown, Sean Snaith, a University of Central Florida economist, said the decline in unemployment is a clear indicator that the Sunshine State is recovering, albeit more slowly than Floridians would like.

Local Paper reports Economist says it's buying time

Andrew Bers — Tue, 24 Jan 2012 20:57:31 -0700

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. Read the entire article at: http://www.heraldtribune.com/article/20120121/columnist/120129891 #

Optimism Builds in Housing Market

Andrew Bers — Wed, 18 Jan 2012 13:13:17 -0700

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. Housing stocks: Investors are starting to get optimistic about the possibility of a rebound too, and are turning to home builder stocks. These equities have recently outperformed the broader stock market and the S&P 1500 homebuilding index has increased 38 percent since mid-October, USA Today reports. Consumer confidence: With mortgage rates at record lows and housing affordability high, about 71 percent of Americans say now is a good time to purchase a home. Also, more Americans are optimistic that home prices will rise over the next year — about 26 percent say prices will rise in 2012, an increase of 4 percent over the last survey, according to Fannie Mae’s December National Housing Survey Source: “Housing Outlook Is More Upbeat,” USA Today (Jan. 15, 2012) and “Consumers More Confident, Survey Says,” Deseret News (Utah) (Jan. 16, 2012) #

Qualifying for the Best Mortgage Rate

Andrew Bers — Tue, 17 Jan 2012 17:55:25 -0700

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 may want to lock it in if they are heading to closing soon. “Lenders typically agree not to change an offered interest rate for 60 days, but borrowers confident of a quick closing may be willing to accept a 45-day rate guarantee, or even a 30-day lock, in exchange for a small discount, because the transaction’s speed helps the lender reduce its risk,” The New York Times article notes. Source: “Mortgages: Shopping for the Best Rates,” The New York Times (Jan. 12, 2012) #

Program Educates Public On Foreclosure Scams

Andrew Bers — Mon, 16 Jan 2012 19:46:43 -0700

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 than 4.5 million households at risk, scam artists see an opportunity, and Florida remains the top state for foreclosure-related scams.   “Loan modification scams are proliferating at a rapid pace,” the program claims on its website. “Every day, more homeowners are falling prey to the slick advertising and sales pitches that guarantee to keep them in their homes. Many scam artists are openly taking advantage of people in difficult circumstances – online, on the telephone, and sometimes audaciously knocking on doors.”   For more information, to read stories of harmed homeowners or to report a scam, visit the Loan Modification Scam Alert website. (Link underlined to: http://loanscamalert.org/)  © 2012 Florida Realtors® #

7 Reasons to Own Your Home

Andrew Bers — Sun, 15 Jan 2012 15:29:26 -0700

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 housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase. 6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home. 7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

Re/Max co-founder voted Most Influential in Real Estate

Andrew Bers — Sat, 14 Jan 2012 21:28:39 -0700

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. Read more about the award and winner at: http://www.inman.com/news/2012/01/12/remax-co-founder-voted-peoples-choice-most-influential-in-real-estate #

U.S. Foreclosure Rate Lowest Since Pre-Recession

Andrew Bers — Fri, 13 Jan 2012 18:17:12 -0700

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 their mortgage because they owe more on the mortgage than the home is worth. RealtyTrac said that 2011’s foreclosure activity is 34 percent lower than 2010 and the lowest since 2007. The Great Recession began in December 2007 and ended in June 2009. In 2011, Nevada, Arizona and California were among those with the most foreclosures. Other states among those with the highest foreclosure rates for the year were Georgia, Michigan, Florida, Illinois, Colorado and Idaho. The company said that December’s foreclosure filings on 205,024 homes were the lowest monthly total since November 2007. The figure was also 20 percent below the prior-year period’s results. In the fourth quarter, there were foreclosure filings for 586,133 homes in the U.S., down 27 percent from a year earlier. Copyright © 2012 The Associated Press. #

SAR Reports Property Sales Up 8.2 Percent For Full Year 2011

Andrew Bers — Wed, 11 Jan 2012 22:02:43 -0700

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 October 2011 sales of 577. This sales resurgence has paralleled the drop in the available inventory, and put the remaining months of inventory in the range of a seller's market. The inventory of available properties for sale in Sarasota was at 4,567 in December, down slightly from the 4,672 in November. The inventory fell to a 10-year low of 4,408 in August 2011. As the inventory has slid, the months of inventory has dropped and now stands at 6.3 months for single family homes and 9.2 months for condos. A figure of 6 months is considered equilibrium between a buyer's and a seller's market. The December 2011 median sale price for condos recovered strongly to $150,000 from November's figure of $127,000. This was the highest level since August 2011. Condo prices have been fluctuating for several months, with the year-to-date median sale price at $156,800. For single family homes, the median sale price dropped slightly in December to $160,000 from $162,000 in November 2011. For the overall year, the figures have remained remarkably steady, indicating a stabilizing market. "There is a real sense of optimism and excitement returning to the market," Benson noted. "We're entering the height of the season, and the open houses have been bustling with energy and interest. Recent news of new home sales doubling in one community and setting records for annual sales in another are clear signs of the strength of the current market." Pending sales were at 694 in December 2011, down slightly from the November 2011 number of 782. Last month, 504 single family homes and 190 condos went under contract. Distressed property sales continued to represent a higher percentage than normal in the local market for the fourth quarter of 2011. In total, 41.7 percent of sales in the fourth quarter were distressed property sales (foreclosures and short sales). This was somewhat higher than the third quarter, when the overall percentage was 38.8 percent, but well below the market high of over 50 percent in the second quarter of 2010. Median sale prices continued to show three distinct markets, with normal market transaction sales prices more than double those for bank-owned transactions. But the price gap has narrowed somewhat, particularly during the past two quarters. For the second quarter of 2011, foreclosed condos sold for a median price of $62,250, while market condo transactions saw a $270,000 median. For the quarter just ended, those prices were at $73,500 and $193,500, respectively. "Realtors® and consumers have adjusted to the market realities, and it appears that pricing in all categories has become more reflective of the current conditions," said Benson. "We continue to watch and hope for a break in the distressed property cycle, and we anticipate the improving economy and lower unemployment rate will eventually bring these figures down to lower levels. The positive side is that our market offers incredible buying opportunities that won't last long." Click HERE for the complete press release in PDF format, plus six pages of statistical charts. #

‘Strategic default’ poses ethical question

Andrew Bers — Tue, 10 Jan 2012 21:26:00 -0700

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, 68, who has considered walking away from a Seattle condo he owns with his wife because the condo is worth about $60,000 less than the balance on their mortgage. “They’re coming to two opposite conclusions. I wonder how many other people are struggling with the same question.” Martin and his wife have decided to stick it out, however, hoping for a rebound in housing prices in 2013 as they continue paying their mortgage. But other homeowners weighing the question are not always reaching the same conclusion. “It’s a looming problem that’s in the shadows,” Jason Kopcak, a mortgage trader at Cantor Fitzgerald, told MSNBC.com. “It’s very worrisome to mortgage lenders.” Strategic defaulters who walk away from their property, however, may have more to worry about than the morality and ethics of their action. They’ll face a blemish to their credit score; and in some states, lenders may still be able to pursue them in court in what’s known as a “deficiency judgment” seeking a full repayment of the mortgage balance. Source: “As Home Prices Fall, More Borrowers Walk Away,” MSNBC.com (Jan. 9. 2012) © Copyright 2012 INFORMATION, INC. Bethesda, MD (301) 215-4688

REMAX Chairman has Real Estate predictions for 2012

Andrew Bers — Mon, 09 Jan 2012 22:06:48 -0700

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 to help avoid foreclosure 7. Homeownership rates continue to fall 8. Foreign and domestic investors will buy 25% of homes 9. Increasing reliance on real estate agents 10. Increased use of Mobile and Social technologies Watch Dave Liniger’s 2012 Forecast Video to see more detail on his predictions and to hear him speak about several factors that could help speed-up a housing recovery. Read the entire article here: http://www.remax.com/documents/insider/pr/2012/Top10RealEstatePredictionsfor2012_Jan_6_12.pdf #

Short Sales and Foreclosures Maybe Taxed in 2013

Andrew Bers — Mon, 09 Jan 2012 21:08:22 -0700

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. Read more about this at: http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=269530 #

Federal Reserve Advocates REO Rental Program

Andrew Bers — Thu, 05 Jan 2012 21:48:33 -0700

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. The Fed also warns in the white paper to lawmakers that the “extraordinarily tight” mortgage lending standards is also harming the real estate market and keeping many from home ownership. Without more action by the government to help housing, the Fed warns that "the adjustment process will take longer and incur more deadweight losses, pushing house prices lower and thereby prolonging the downward pressure on the wealth of current home owners and the resultant drag on the economy at large." Source: “Bernanke Calls for Nationwide REO Rental Program,” HousingWire (Jan. 4, 2012) and “Fed Urges Action on Housing,” Wall Street Journal (Jan. 5, 2012) [Log-in required.] #

Just Listed - Beautiful Seaplace Condo on Longboat Key

Andrew Bers — Thu, 05 Jan 2012 14:15:10 -0700

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. To see this Andrew Bers, (941) 383-3741. To see more about it now, go to: http://www.andrewbers.com/real-estate/mls/A3953792 #

Mortgage Rates Finish 2011 Near Historic Lows

Andrew Bers — Sat, 31 Dec 2011 01:25:58 -0700

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 when it averaged 2.77 percent. At this time last year, the 1-year ARM averaged 3.26 percent. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey. Read more at: http://freddiemac.mediaroom.com/index.php?s=12329&item=98391 #

Just Listed on Longboat Key - End Unit in Windward Bay

Andrew Bers — Thu, 29 Dec 2011 19:15:50 -0700

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. See more of the home at: http://www.andrewbers.com/real-estate/mls/A3953414 #

CNN Money reports Foreclosure free ride - 3 years, no payments

Andrew Bers — Thu, 29 Dec 2011 16:25:07 -0700

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. Read the entire article: http://money.cnn.com/2011/12/28/real_estate/foreclosure/index.htm #

RealtorMag reports Home Owners Try Delay Tactics to Stall Foreclosures

Andrew Bers — Thu, 29 Dec 2011 12:03:43 -0700

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 York, who represents banks in foreclosure cases, told CNNMoney. The following are the states with the longest delays in foreclosures: • Washington, D.C.: Foreclosures take on average 1,053 days • Florida: The average process time for foreclosures takes 1,027 days (or three years). • New York: 906 days Source: “Foreclosure Free Ride: 3 Years, No Payments,” CNNMoney (Dec. 28, 2011) #

New Year's Eve Fireworks Show

Andrew Bers — Thu, 29 Dec 2011 02:43:58 -0700

Suncoast Charities for Children charity and Marina Jack restaurant in downtown Sarasota have organized a midnight fireworks show over Sarasota Bay. SNN Local News 6 on Comcast will be covering the event live from Marina Jack. Read more: http://www.sarasotafl.org/event/new-years-eve-fireworks-show-downtown-sarasota/10163/#ixzz1ht6ceJDD #

RealtorMag reports Some Good Signs for the Real Estate Market

Andrew Bers — Wed, 28 Dec 2011 12:10:19 -0700

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, andmortgage rates reached new record lows last week, pushing housing affordability even higher. Source: “New Home Sales Edge Up,” CNNMoney (Dec. 23, 2011)

Remodeling: Cost vs. Value

Andrew Bers — Wed, 28 Dec 2011 02:05:21 -0700

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 #

10 States Hit Hardest by Foreclosures

Andrew Bers — Thu, 15 Dec 2011 20:41:51 -0700

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 | 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

BofA Considers Renting REOs Back to Former Owners

Andrew Bers — Thu, 15 Dec 2011 14:32:28 -0700

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.

November 2011 sales up 12.7 percent over last year

Andrew Bers — Wed, 14 Dec 2011 22:14:06 -0700

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.

Investors blamed for bubble in housing

Andrew Bers — Wed, 14 Dec 2011 02:28:41 -0700

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 they wanted to buy a home for their family,” the researchers noted. Investors defaulted in large numbers after home values began to drop in 2006. They accounted for more than 25 percent of seriously delinquent mortgage balances nationwide, and more than a third in Arizona, California, Florida and Nevada from 2007 to 2009. As a result, millions of homeowners saw their home values decline so that they were worth less than the original purchase price. Foreclosures skyrocketed. Residential construction also languished, putting hundreds of construction workers in the hardest-hit states out of work. In Nevada, which has the highest foreclosure rate in the United States, the housing market remains weak. Paul Bell of the Greater Las Vegas Association of Realtors said the market has shifted so that cash investors are helping Las Vegas recover by buying multiple vacant homes, fixing them up and selling them. “If we did not have the serious investors in the market . . . we would have many neighborhoods in a very run-down condition,” he said.

Thinking about becoming a landlord?

Andrew Bers — Wed, 07 Dec 2011 10:36:11 -0700

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 or single-family home where you won’t be subject to a condominium board, he suggested. Special assessments levied by condo associations can run into thousands of dollars. Read more about this here.

Fannie and Freddie won’t evict over holidays

Andrew Bers — Sat, 03 Dec 2011 04:25:42 -0700

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 only to owner-occupied homes. © 2011 Florida Realtors®

Area Makes Wall St. Report For Amount Of Foreclosures

Andrew Bers — Wed, 30 Nov 2011 02:34:05 -0700

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.

Sarasota Tops Realtor Magazine Best Bargins List

Andrew Bers — Tue, 22 Nov 2011 21:16:03 -0700

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.

AP Reports Criminal Probe Into Online Mortgage Scams Widens

Andrew Bers — Tue, 22 Nov 2011 21:11:19 -0700

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.

Washington Post Spotlights Housing Policy Difficulties

Andrew Bers — Tue, 22 Nov 2011 21:09:20 -0700

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.

Re/Max sponsors 10th annual Suncoast Food & Wine Fest

Andrew Bers — Thu, 17 Nov 2011 18:31:08 -0700

… Continue reading →

SAR reports Sarasota real estate market for October outpaces last year

Andrew Bers — Wed, 16 Nov 2011 17:02:00 -0700

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 $162,000 for condos. These figures have remained remarkably steady for the past year, indicating a more stable market. Read the entire report here.

RE/MAX Launches True Global Real Estate Listing Site

Andrew Bers — Tue, 15 Nov 2011 19:40:22 -0700

(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.”

Associated Press reports U.S. foreclosure activity hit 7-month high in Oct.

Andrew Bers — Fri, 11 Nov 2011 19:57:58 -0700

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.

New Report of Home Prices Triple Dipping

Andrew Bers — Wed, 02 Nov 2011 12:47:56 -0600

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.

A guide to administration’s new mortgage-refi plan

Andrew Bers — Sat, 29 Oct 2011 17:49:39 -0600

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, about 11 million, are underwater, according to CoreLogic, a real estate data firm. As of Aug. 31, fewer than 900,000 homeowners, and just 72,000 underwater homeowners, have refinanced through the administration’s program. The administration had estimated that the program would help 4 million to 5 million homeowners. Q. Why did so few benefit? A. Mainly because those who’d lost the most in their homes weren’t eligible. Participation was limited to those whose home values were no more than 25 percent below what they owed their lender. That excluded roughly 10 percent of borrowers, CoreLogic says. In some hard-hit areas, borrowers have lost nearly 50 percent of their home’s value. Another problem: Homeowners must pay thousands in closing costs and appraisal fees to refinance. Typically, that adds up to 1 percent of the loan’s value – $2,000 in fees on a $200,000 loan. Sinking home prices also left many fearful that prices had yet to bottom. They didn’t want to throw good money after a depreciating asset. Or their credit scores were too low. Housing Secretary Shaun Donovan acknowledged that the program has “not reached the scale we had hoped.” Q: What changes is the administration making? A. Homeowners’ eligibility won’t be affected by how far their home’s value has fallen. And some fees for closing, title insurance and lien processing will be eliminated. So refinancing will be cheaper. The number of homeowners who need an appraisal will be reduced, saving more money. Some fees for those who refinance into a shorter-term mortgage will also be waived. Banks won’t have to buy back the mortgages from Fannie or Freddie, as they previously had to when dealing with some risky loans. That change will free many lenders to offer refinance loans. The program will also be extended 18 months, through 2013. Q: Who’s eligible? A. Those whose loans are owned or backed by Fannie Mae or Freddie Mac, which the government took control of three years ago. Fannie and Freddie own or guarantee about half of all U.S. mortgages – nearly 31 million loans. They buy loans from lenders, package them into bonds with a guarantee against default and sell them to investors. To qualify for refinancing, a loan must have been sold to Fannie and Freddie before June 2009. Homeowners can determine whether Fannie or Freddie owns their mortgage by going online: Freddie’s loan tool is at freddiemac.com/mymortgage; Fannie’s is at fanniemae.com/loanlookup. Mortgages that were refinanced over the past 2 1/2 years aren’t eligible. Homeowners must also be current on their mortgage. One late payment within six months, or more than one in the past year, would mean disqualification. Perhaps the biggest limitation on the program: It’s voluntary for lenders. A bank remains free to reject a refinancing even if a homeowner meets all requirements. Q: Will it work? A. For those who can qualify, the savings could be significant. If, for example, a homeowner with a $200,000 mortgage at 6 percent can refinance down to 4.5 percent, the savings would be $3,000 a year. But the benefit to the economy will likely be limited. Even homeowners who are eligible and who choose to refinance through the government program could opt to sock away their savings or pay down debt rather than spend it. Q: How many homeowners will be eligible or will choose to participate? A: Not entirely clear. The government estimates that up to 1 million more people could qualify. Moody’s Analytics says the figure could be as high as 1.6 million. Both figures are a fraction of the 11 million or more homeowners who are underwater, according to CoreLogic, a real estate data research firm. Q: Who will benefit most? A: Underwater homeowners in the hard-hit states of Arizona, California, Florida and Nevada could be greatly helped. Many are stuck with high mortgage rates after they were approved for mortgages with little or no money as a downpayment and few requirements. The average annual savings for a U.S. household would be $2,500, officials say. Q: When will it start? A: Fannie and Freddie will issue the full details of the plan lenders and servicers on Nov. 15, officials say. The revamped program could be in place for some lenders as early as Dec. 1.

Are banks getting better on short sales?

Andrew Bers — Fri, 21 Oct 2011 20:10:13 -0600

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 in the past,” says Daren Blomquist, spokesman for RealtyTrac. “Some of that relates to the fact that it’s getting harder to foreclose. There are additional requirements in terms of paperwork and requirements that states and judges are imposing.” Short sales can still be complex and lengthy – they can take up to nine months to close and even after that, there’s no guarantee it’ll end successfully. “In general, it is a totally different type of transaction,” says Mike Cuevas, a real estate professional at Exit Realty in Chicago. “You’re not only selling a house, you’re negotiating debt.” Source: “Why it can Pay to try a Short Sale; Lenders may be Viewing Short Sales as a Better Alternative,” MarketWatch (Oct. 20, 2011)

Pending sales indicate strong buying season ahead, according to Re/Max

Andrew Bers — Fri, 14 Oct 2011 17:48:27 -0600

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 inventory to the market. Read the entire article here.

Area sales for September 2011 outpace last year

Andrew Bers — Fri, 14 Oct 2011 16:09:39 -0600

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 up to $165,000 in August. These variations can be explained by the fact that certain months have seen the buying public focusing on smaller, bargain priced units, while other months have seen a higher concentration of luxury condo sales. "In 2011, we've seen an acceleration of the market recovery, but we still have a distressed market that is weighing down on the median sales prices," said SAR President Michael Bruno. "Overall, we had distressed sales at 43 percent of the total, which was a little higher than in August, but is still far below the 51 percent total in November 2010, almost a year ago. So we're hopeful that the worst is over for foreclosures and short sales." Read the entire report here.

FICO helps mortgage servicers combat strategic defaults

Andrew Bers — Wed, 12 Oct 2011 19:07:18 -0600

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 default. “Preventing strategic defaults … is especially worth looking into, because this technology has the ability to help lenders … identify borrowers who are most at risk and minimize related losses,” says Craig Focardi, senior research director at TowerGroup, a Corporate Executive Board company. © 2011 Florida Realtors®

CNN Money reports Foreclosure Backlog Deepens

Andrew Bers — Mon, 10 Oct 2011 22:58:27 -0600

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.

BoA 20k short sale incentive to struggling homeowners

Andrew Bers — Fri, 07 Oct 2011 18:30:41 -0600

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 homeowners and get things moving,” said Paul Baltrun, who works with real estate and mortgages at the Law Office of Paul A. Krasker in West Palm Beach. “With real estate attorneys handling these cases, you’re talking two, three, four years before there’s going to be a resolution in a foreclosure.” Read the entire article here

Homeowners reap rental fees as houses work through foreclosure system

Andrew Bers — Tue, 04 Oct 2011 21:13:21 -0600

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 out on mortgage payments and must still pay property taxes on the homes even though the owners collect rent each month. For others, it's a matter of fairness: Homeowners, for instance, who don't rent out homes and make their payments even when they owe more than their homes are worth. Ultimately, just about everyone pays a price for those who don't pay their mortgages, use the legal process to delay eviction and, at most extreme, rent out homes in foreclosure. "Taxpayers are paying for it," said Brenda Wade of Signature Realty Associates in Valrico. "It encourages abuse. You and John Q. Taxpayer are on the hook for it. There's definitely a loophole in the process. People … know how to work the system." . . . Peter Nemethy of Re/Max Metro in St. Petersburg helped the Grindleys find tenants for their three homes, which together are worth nearly $3 million. He hoped to land big commissions when the houses eventually sold. But the Grindleys or their tenants would allow him to show the homes for only one hour on Thursday evenings. Nemethy believes Keith Grindley had no intention of selling the houses. "It came back to bite me,'' Nemethy said. "The tenants didn't want to move out of a luxury home." The monthly rent on the three homes averaged between $3,000 and $6,000. After Century Bank took possession of the Belleair home in July, it offered the tenant two months of free rent to move out by October. The tenant had been paying $4,000 a month. The two St. Pete Beach homes are still being rented. Century Bank seized one of the St. Pete Beach homes in July. The tenant is still in the home and said he now pays the bank $6,000 a month. The market value of the two seized homes now totals $2.1 million. But the Grindleys owe the bank nearly $3.9 million. Wells Fargo has not yet seized their other St. Pete Beach house. In March, Bernadette Grindley requested that the case enter mediation, which homeowners are entitled to do in Florida. That process would stall the eviction even longer. Then the bank's lawyer switched firms, which further delayed the case. Little could be learned about the Grindleys. Records show they never had a homestead exemption on any of the three houses. A 2009 article in the DuPont Registry magazine said that Keith Grindley worked for Hammerscotts Homes. It is not listed in Florida corporate records. The article quoted the Grindleys as regretting having to sell the Belleair home. "What I'll miss most is the scale and scope of the rooms and the immediate proximity to the Belleair Country Club, where I play tennis several times a week," Bernadette Grindley told the magazine. The Times could not reach the Grindleys for comment. Realtors said they thought the couple were in England. Attempts to reach them via phone and e-mail were unsuccessful. Bernadette Grindley's attorney, Steven Moore, declined to comment. "I have no real contact with them,'' said the Grindleys' son, Steve. "They are out of the country. Keep sending them messages on Facebook." . . . Renting a home in foreclosure is something Jonathan Graber learned about by accident. He and a friend signed a $1,400 a month lease on a South Tampa home in 2009. Weeks after they bought furniture and moved in, foreclosure notices arrived in the mail. The bank listed Graber and his friend as defendants, even though they were just renters. Graber suspects an employee with a mortgage service company rifled through the mailbox to find their names. Both men confronted the landlord. "She hadn't paid the mortgage in four months," he said. "She never once mentioned (the foreclosure)." Knowing that foreclosures in Florida take a long time to complete, Graber and his friend finished out their six-month lease. Afterward, to keep them in the home, the landlord lowered the rent and switched them to a monthly lease. The men rented the home for 19 months, then the landlord asked them to leave. By that time, she had refused to fix the air conditioner and wanted to rent the house to a friend. Graber doesn't know what the landlord did with the rent money each month. The owner, Angelia Tellone, who collected more than $10,000 in rent, could not be reached for comment. . . . The foreclosure process in Florida, from first filing to the bank seizing the home, takes an average of 633 days. The owners, in the meantime, live in the homes for free. If they go further and collect rent on houses in foreclosure, Florida Bankers Association chief Alex Sanchez said: "They're stealing from banks. It's a lose-lose situation for everybody. It shows the shenanigans that people are doing." While critics call this a ripoff, housing advocates say it enables struggling homeowners to rebuild finances gutted by high mortgage payments or job loss. As the housing market remains stagnant, real estate experts predict more people will rent out homes in foreclosure. Lenders could stop many people from renting homes in foreclosure by decreasing the time it takes to accept offers on short sales, said Steve Capen of Keller Williams Realty in St. Petersburg. "Some lenders are completely unreasonable." He has sympathy for some of the struggling owners, but he knows others have no intent to sell. He declines to list those homes. Critics say the drawn-out foreclosure cases affect everyone. Taxpayers' dollars pay relocation costs up to $3,000 for homeowners who cannot qualify for loan modification programs. Some banks, in what amounts to a payoff, give homeowners between $20,000 and $30,000 if they agree to list their house in a short sale instead of going through foreclosure. Some banks also make payoffs if owners agree not to trash their homes before leaving. In the meantime, banks also pay thousands of dollars in property taxes for delinquent mortgages. Some homeowners cheat the system at both ends of the foreclosure process, said University of Central Florida economist Sean Snaith. Homeowners delay eviction and either live rent free or rent out their homes. When finally faced with giving up their homes, they take cash incentives to leave the houses in good shape. Responsible homeowners, he added, get no reward for paying their mortgages and taxes on time. "There are no handouts for people who do the right thing," Snaith said. "In more ways than one, they're stuck with the short end of the stick." Times news researcher Shirl Kennedy contributed to this report. Mark Puente can be reached at mpuente@sptimes.com or (727) 893-8459. Follow him at Twitter at twitter.com/markpuente. The Grindley homes 914 Boca Ciega Isle Drive, St. Pete Beach Year built: 2005 Sq. ft.: 4,588 Bedrooms: 4 Bathrooms: 4.5 Foreclosure filing: April 7, 2010 Seized by bank: n/a Market value: $927,000 1110 Boca Ciega Isle Drive, St. Pete Beach Year built: 2008 Sq. ft.: 6,336 Bedrooms: 5 Bathrooms: 4.5 Foreclosure filing: May 27, 2009 Seized by bank: July 22, 2011 Market value: $1.3 million 825 Indian Rocks Road, Belleair Year built: 2006 Sq. ft.: 5,822 Bedrooms: 4 Bathrooms: 5 Foreclosure filing: May 18, 2009 Seized by bank: July 11, 2011 Market value: $816,000 Source: Pinellas County records

Pending sales up 10% from a year ago in Southwest Florida

Andrew Bers — Tue, 04 Oct 2011 21:12:41 -0600

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 strong credit scores to qualify. The pace of sales for previously occupied homes is slightly above last year's 4.91 million sold, the fewest since 1997. In a healthy economy, Americans would buy roughly 6 million homes each year. Homes are the most affordable they have been in decades. Mortgage rates are at six-decade lows. Prices in some metro areas have been cut in half. The number of people signing home contracts across the United States rose in both May and June. But those increases did not make up for a huge drop-off in April, when signings fell more than 11 percent. During the past two months, signings have declined 2.5 percent. Contract signings fell across most of the country. July's index fell 5.8 percent in the Northeast, 3.7 percent in the Midwest and 2.4 percent in the West. It rose 2.6 percent in the South.

Census indicates area's mortgage health is poor

Andrew Bers — Tue, 04 Oct 2011 21:11:52 -0600

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 counties top the list. McCabe, who correctly predicted the housing downturn, was especially alarmed by data showing that half of Miami homeowners are now spending more than 35 percent of their incomes on housing. Economists worried about the strain of housing costs on household budgets even before the downturn. "We talked a lot during the housing boom about affordability as prices rose faster than income," said Sean Snaith, a University of Central Florida economist. Because of its demographics, the trend is particularly troubling in Southwest Florida, said Sarasota attorney Anne Weintraub. "A good portion of our community is retirees trying to use their fixed incomes to pay for everyday expenses, including their mortgage payment," said Weintraub, who wrote a manual to familiarize non-real estate attorneys and their borrower-clients with the foreclosure process and who has handled hundreds of short sales for struggling homeowners. "These percentages are off the charts, and invite mortgage defaults," Weintraub said. Port Charlotte's John Cannon says he paid way too much — about $210,000 — for a home during the boom that he would be lucky to sell today for $125,000. "It's a gorgeous house," said Cannon, who is no relation to the Lakewood Ranch builder of the same name. "I gave them way too much money, I don't know what I was thinking. But I make the payments. It hurts every month I write that check." But not writing it is simply not an option for Cannon, 37, who says walking away from an agreement is unthinkable. It is not the kind of message he would like to send to his 16-year-old son. Business virtually halted in 2008 for Cannon's firm, Treemendous Tree Service, which is in North Port. To make the payments on his home and his business' trucks Cannon worked two years in Port Arthur, Texas, where there was work for an arborist at the oil refineries, which were all in expansion mode at the time. Now he is back in Southwest Florida and the landscaping business has picked up enough to get by. "You gotta do what you gotta do, you just can't sit around and complain," Cannon said. While three years of economic hardship seem to have only hardened Cannon's commitment to meet his obligations, others are giving up the fight to stay in homes whose values have sunk far below their mortgage debt. "The numbers clearly show that strategic default is an epidemic," said Greg McBride, a senior financial analyst at Bankrate.com. The census data shows that Southwest Florida homeowners have long carried heavier mortgage burdens than other Americans, or other Floridians. According to the 2000 census, 24.9 percent of Sarasota County households were spending more than 35 percent of their income on their mortgage and other monthly payments. At that time, Florida's average was 22.8 percent and the national average was 19.1 percent. But the run-up on home prices in the first half of the decade brought about a severe shift in how much income homeowners were diverting to their monthly housing costs. In 2000, the only major Florida county violating economists' 35 percent rule was Monroe, home to Key West and traditionally some of the state's highest-priced homes. By 2006, 11 of Florida's 30 biggest counties, based on property values, had crested the benchmark. By 2011, 21 counties did. "When incomes go up, they go up in drips and drabs," McBride said. "But particularly for homeowners that took out exotic mortgages, when the mortgages went up, it went up at a pace that income couldn't approach." Before the boom, the rule of thumb was that banks would make mortgage loans only to borrowers who would pay no more than 28 percent of their income on their monthly payments, McCabe said. "During the boom years that changed once Wall Street started buying mortgages from originators who would do business with pretty much anyone who could fog a mirror when they came in to get a loan," said McCabe, the Deerfield Beach real estate consultant. Also worrisome is that the five- and seven-year teaser rate loans will still be resetting at much higher rates through 2013, which could push even more counties into violating the 35/35 rule. "That's why we're probably going to see these rates continue to go up next year," McCabe said.

Homeowners, country clubs spar over mandatory memberships

Andrew Bers — Tue, 04 Oct 2011 21:09:50 -0600

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, it can cost $50,000 to buy in, though $20,000 of that is refundable when the homeowner sells. Monthly dues cost about $1,000. "We feel our success is directly attributable to mandatory memberships," said Sandy McGaughey, general manager of the 645-home Boca Woods Country Club. "People are jumping all over this lifestyle." At the 645-home Boca Woods off State Road 7, the delinquency rate for membership dues is about 2 percent, down from a year ago, McGaughey said. Member fees have allowed Boca Woods to renovate two golf courses and a practice facility, refurbish an outside restaurant and pool area and maintain 24-hour security, President Bob Roman said. "You've got to keep improving the facilities to entice people to buy homes here," Roman said. "People want to see a facility that's always being improved and updated." Without mandatory memberships, country clubs suffer because there isn't enough consistent revenue, McGaughey said. He cited recent financial problems at The President, a West Palm Beach club whose members voted down mandatory membership a decade or so ago. "If that club had mandatory membership, it'd still be healthy," McGaughey said. "Clubs that don't have mandatory membership are just trying to figure out how to pay the bills." But real estate agents and homeowners at various clubs say the forced memberships don't appeal to many buyers today and reduce home values in an already difficult housing climate. At the upscale Boca West Country Club, a three-bedroom townhome recently was offered at $129,000, well below market value, because it comes with a $70,000 mandatory membership. Homes in mandatory membership communities tend to languish on the market, real estate agents say. Some homes in Boca West and Woodfield Country Club, for example, have been for sale for more than 1,000 days, according to the multiple listing service. "In order to live a country club lifestyle, you need to have discretionary income, which a lot of people don't have anymore," said Terry Story, an agent for Coldwell Banker. Palm Beach County has roughly 70 developments where homeowners are required to buy country club memberships. Broward County has fewer than 10 private clubs, and membership isn't much of an issue because it's voluntary or the fees are lower, said Caroline Frank, membership director at Fort Lauderdale Country Club. Broward clubs tend to have more year-round residents who can't afford steep memberships – so developments weren't built with mandatory memberships in mind, observers say. At Parkland Golf & Country Club, for instance, homeowners must buy a social membership for about $3,000 a year and it includes access to tennis, a fitness center, spa, pools and the dining room. An optional golf membership costs about $6,500 annually. Many clubs can't foreclose on delinquent homeowners because development bylaws don't allow it, so the clubs have to wait for the homes to sell to see if they can collect past-due fees, Singer said. Some circuit courts have upheld individual homeowner challenges to mandatory memberships, but none of the decisions have been made at a level that would have broader reach, Margate lawyer Donna D. Berger said. Les Mittleman dropped his membership at Aberdeen before it went mandatory about eight years ago. He continues to live there. Mittleman said one of his former Aberdeen neighbors abandoned his house because he was unable to keep up with the club dues. It remained vacant for more than a year before a buyer took it off the lender's hands, he said. Mandatory country club memberships are no longer practical, Mittleman said. "The dues are outrageous," he said. "In this economy, people just don't want to pay 20 grand."

Healthiest Housing Markets: Mid-2011 Update

Andrew Bers — Fri, 30 Sep 2011 18:39:42 -0600

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 different today. A lot has happened in the housing market since we last compiled this list in February. We had a double-dip in home prices. Only a small improvement in employment occurred on a national basis. And the long-vaunted housing recovery, which most housing economists pegged for late this year, hasn't materialized. Rising home prices, job gains, and improvement in median incomes will drive the healthiest markets over the next year and a half. Moody's projects that permit activity may double in some of the very hottest of these markets, as the long-awaited housing recovery takes hold. Markets that benefit from military spending, or major universities, once again crowd the top of our list. Some markets hit the trifecta with military bases, big universities, and strong private sector employment. But several of the state capitals that appeared on previous versions of the list have dropped to the bottom due to fiscal problems that resulted in layoffs. Here, without further ado, are the 20 healthiest housing markets based on forecasts through 2012. Though permits weren't used to produce the market health calculations, we've included forecasts for total housing permits in 2011 and 2012 to give you a sense of how big the market is and how much it's expected to grow over the next 18 months.

Credit: Flickr user david_shankbone

20: Greeley, Colo. Health Index: 72 2010 Population Forecast: 252,825 2011 Total Building Permit Forecast: 1,532 2012 Total Building Permit Forecast: 2,510 The forces lifting the housing market alongColorado's Front Range are spilling into Greeley, located about an hour's drive northwest of Denver. Home prices here never got out of control during the housing boom and reset early in the housing recession. Also, the region dealt early and effectively with its foreclosure situation. Now, positive economic forces are taking hold along Colorado's Front Range. In fact, all the main drivers of new home construction, home prices, jobs, population, and incomes, are expected to turn solidly positive in Greeley next year. Home to Northern Colorado University and the North Colorado Medical Center, Greeley is projected to have some of the strongest population growth (1.8%) in the country. With a median home price of about $140,000 this summer, Greeley is an affordable alternative to Denver. A strengthening local economy will lift the median income here by 4.2%. Visit our Local Markets page for Greeley to see more data and analysis.

Credit: Courtesy ZK Homes

19. Houston-Sugar Land-Baytown, Texas Health Index: 72.1 2011 Population Forecast: 6,084,200 2011 Total Building Permit Forecast: 19,613 2012 Total Building Permit Forecast: 25,746 Houston may have dropped from the very top of our list, but it remains a much better place to build homes than most cities. One reason is that, with more than 25,000 permits expected to be pulled next year, there's more opportunity here than in any other market in the country. Median home prices, which held at about $148,000 through the housing recession, are expected to rise 1.9% next year based on continued growth in population and employment. Houston continues to add about 2% to its population every year, about double the national average. New residents are drawn by the prospect of jobs in energy and manufacturing in particular. Visit our Local Markets page for Houston to see more data and analysis.

18: Austin-Round Rock, Texas Health Index: 72.2 2011 Population Forecast: 1,828,700 2011 Total Building Permit Forecast: 5,537 2012 Total Building Permit Forecast: 5,628 Austin is no longer the strongest housing market in the country, but it's still plenty healthy. Home prices have been stable in Austin for several years; they are expected to rise less than 1% next year. Employment growth will be among the strongest on the list as a diverse economy continues to attract new businesses. The unemployment rate fell below 7% earlier this year as area startup firms began hiring. Thanks to a decade of strong population growth, Austin is now the 15th largest city in the nation. Building permit activity rose 38% in the first half of the year, led by a big surge in multifamily activity, but it is expected to finish the year close to where it started. Austin is such an attractive place to live that home prices rose through the housing recession. They are projected to rise slightly this year and next now that foreclosures are receding. RealtyTrac reports that foreclosure filings are down 47% from a year ago. They have declined for each of the last seven months. Visit our Local Markets page for Austin to see more data and analysis. 17: Kennewick-Richland-Pasco, Wash. Health Index: 73.1 2011 Population Forecast: 253,540 2011 Total Building Permit Forecast: 1,244 2012 Total Building Permit Forecast: 1,099 The Tri-City region, located in the southeastern part of Washington, is a center for nuclear energy research. Home to the Hanford nuclear site, Richland's major employers include Bechtel, the Battelle Memorial Institute, and Lockheed Martin. The lack of new homes coming on the market, combined with a paucity of foreclosures, has helped keep the housing market strong. Home prices are expected to rise a robust 3.8% over the next year as the population grows and unemployment declines. Local real estate agents estimate that there was only four a half months of housing inventory for sale this summer, including only a handful of foreclosures. Inventory constraints have kept home prices firm in the Richland area over the last three years. Visit our Local Markets page for Kennewick to see more data and analysis.

Credit: Flickr user ellenm1

16: Lexington-Fayette, Ky. Health Index: 73.4 2010 Population Forecast: 472,099 2011 Total Building Permit Forecast: 1,152 2012 Total Building Permit Forecast: 1,663 Lexington, the second largest city in Kentucky, avoided many of the problems of the housing recession. Home prices never got too high during the housing boom and remained stable through the housing recession. The median price of an existing home was about $153,000 this summer, according to Trulia. Now things are looking up. Home prices are expected to rise slightly (1.3%) next year. And the home to the University of Kentucky and the country's first urban growth boundary, enacted in 1958, may witness a 50% increase in building permit activity. An abundance of government, technology, and educational jobs has helped keep the local economy relatively strong. Headquarters of Lexmark International, the public printer and imaging company, Lexington is projected to have a 3.5% increase in median incomes next year, coupled with a 2.7% increase in employment.

This Just In - Sarasota-Bradenton Area Ranked 6th Where Listing Prices Are Rebounding

Andrew Bers — Fri, 23 Sep 2011 18:30:57 -0600

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.

Condo sales up – prices slump HT reports

Andrew Bers — Fri, 23 Sep 2011 16:41:38 -0600

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.

WSJ reports Home Forecast Calls for Pain

Andrew Bers — Fri, 23 Sep 2011 14:27:03 -0600

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.

Freddie Mac Offers New Loan Modification Option

Andrew Bers — Wed, 14 Sep 2011 20:34:35 -0600

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.

All Cities Rankings 2011 Best Cities for Job Growth

Andrew Bers — Thu, 08 Sep 2011 18:17:23 -0600

2011 Overall Ranking	Area	2011 Weighted INDEX	2010 Nonfarm Empl (1000s)	Overall Rank 2010	Overal Movement
1	Killeen-Temple-Fort Hood, TX	93.8	129.0	4	3
2	Bismarck, ND	92.8	63.0	2	0
3	El Paso, TX	92.5	281.2	25	22
4	College Station-Bryan, TX	92.3	98.5	3	-1
5	Midland, TX	90.8	69.2	62	57
6	Austin-Round Rock-San Marcos, TX	89.1	769.3	9	3
7	New Orleans-Metairie-Kenner, LA	88.9	522.6	294	287
8	Dubuque, IA	88.6	56.6	93	85
9	Manhattan, KS	88.3	57.0
10	Pascagoula, MS	85.4	58.7	30	20
11	Odessa, TX	84.1	61.8	87	76
12	Corpus Christi, TX	82.5	179.1	38	26
13	Logan, UT-ID	82.2	54.4	110	97
14	Houston-Sugar Land-Baytown, TX	82.1	2552.3	21	7
15	Fairbanks, AK	81.0	37.7	42	27
16	Elizabethtown, KY	81.0	47.6	103	87
17	San Antonio-New Braunfels, TX	80.7	841.3	12	-5
18	Dallas-Plano-Irving, TX Metropolitan Division	80.6	2043.4	44	26
19	Jacksonville, NC	80.5	47.2	1	-18
20	Lawton, OK	80.5	44.0	7	-13
21	Lebanon, PA	80.5	50.1	106	85
22	Anchorage, AK	79.8	170.7	18	-4
23	Longview, TX	79.4	97.0	140	117
24	Joplin, MO	79.1	79.8	105	81
25	Kennewick-Pasco-Richland, WA	79.0	99.2	16	-9
26	Gulfport-Biloxi, MS	78.9	105.3	192	166
27	McAllen-Edinburg-Mission, TX	78.7	223.4	28	1
28	Brownsville-Harlingen, TX	77.9	127.2	31	3
29	Columbia, MO	77.2	93.4	32	3
30	Auburn-Opelika, AL	77.0	53.3	79	49
31	Clarksville, TN-KY	76.6	83.4	124	93
32	San Angelo, TX	76.4	44.9	85	53
33	Morgantown, WV	76.4	65.4	17	-16
34	Wheeling, WV-OH	76.2	67.9	81	47
35	Ithaca, NY	76.1	65.6	24	-11
36	Jonesboro, AR	75.9	49.2	43	7
37	Springfield, IL	74.6	111.7	59	22
38	Fargo, ND-MN	74.6	122.4	8	-30
39	Grand Forks, ND-MN	74.4	54.0	37	-2
40	Corvallis, OR	74.2	38.1	274	234
41	Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Division	74.1	2412.6	47	6
42	Cumberland, MD-WV	73.8	39.9	128	86
43	Northern Virginia, VA	73.8	1306.5	35	-8
44	Oshkosh-Neenah, WI	73.5	92.7	145	101
45	Portsmouth, NH-ME NECTA	73.5	53.7	60	15
46	Warner Robins, GA	73.3	59.7	26	-20
47	Wenatchee-East Wenatchee, WA	73.2	38.6	36	-11
48	Nashville-Davidson--Murfreesboro--Franklin, TN	73.1	742.9	217	169
49	Waco, TX	73.0	105.8	41	-8
50	Fort Collins-Loveland, CO	72.9	133.6	68	18
51	Myrtle Beach-North Myrtle Beach-Conway, SC	72.7	110.8	199	148
52	New York City, NY	72.6	3731.4	89	37
53	Harrisonburg, VA	72.6	62.7	69	16
54	Iowa City, IA	72.6	90.5	27	-27
55	Haverhill-North Andover-Amesbury, MA-NH NECTA Division	72.3	76.5	65	10
56	Las Cruces, NM	72.3	69.1	33	-23
57	Johnstown, PA	71.9	60.7	129	72
58	Philadelphia City, PA	71.9	661.8	112	54
59	Texarkana, TX-Texarkana, AR	71.9	56.9	76	17
60	Eau Claire, WI	71.7	80.4	181	121
61	Pittsburgh, PA	71.7	1129.8	111	50
62	Bowling Green, KY	71.6	59.7	260	198
63	Fayetteville-Springdale-Rogers, AR-MO	71.4	201.9	75	12
64	Great Falls, MT	71.3	35.6	22	-42
65	State College, PA	71.2	74.4	29	-36
66	Yakima, WA	71.2	76.5	11	-55
67	Hinesville-Fort Stewart, GA	71.1	19.5	20	-47
68	Gainesville, GA	71.1	72.8	241	173
69	Burlington-South Burlington, VT NECTA	70.7	113.1	193	124
70	Bethesda-Rockville-Frederick, MD Metropolitan Division	70.7	565.3	114	44
71	Boston-Cambridge-Quincy, MA NECTA Division	70.4	1679.0	133	62
72	St. Cloud, MN	69.9	99.0	74	2
73	Williamsport, PA	69.8	52.6	203	130
74	Laredo, TX	69.7	88.4	95	21
75	New Bedford, MA NECTA	69.4	64.9	137	62
76	Brockton-Bridgewater-Easton, MA NECTA Division	69.3	87.7	200	124
77	Glens Falls, NY	69.1	53.0	50	-27
78	Sandusky, OH	68.9	35.5	206	128
79	Ocean City, NJ	68.6	36.3	131	52
80	Hattiesburg, MS	68.6	59.3	14	-66
81	Cedar Rapids, IA	68.6	137.5	48	-33
82	Little Rock-North Little Rock-Conway, AR	68.3	338.8	92	10
83	Raleigh-Cary, NC	67.8	500.0	54	-29
84	Fort Worth-Arlington, TX Metropolitan Division	67.8	850.0	49	-35
85	Tyler, TX	67.7	93.3	67	-18
86	Shreveport-Bossier City, LA	67.5	176.7	73	-13
87	Houma-Bayou Cane-Thibodaux, LA	67.3	94.1	98	11
88	Owensboro, KY	67.3	49.8	149	61
89	Amarillo, TX	67.2	110.8	56	-33
90	Charleston-North Charleston-Summerville, SC	67.1	283.8	136	46
91	Elmira, NY	67.1	40.1	219	128
92	Rochester, NY	66.7	506.9	122	30
93	Altoona, PA	66.7	60.5	118	25
94	Knoxville, TN	66.5	325.5	187	93
95	Barnstable Town, MA NECTA	66.4	92.2	113	18
96	Sioux Falls, SD	66.3	133.0	51	-45
97	Rapid City, SD	65.9	59.3	55	-42
98	Provo-Orem, UT	65.9	180.3	148	50
99	Pueblo, CO	65.7	57.1	34	-65
100	Nassau-Suffolk, NY Metropolitan Division	65.5	1232.2	120	20
101	Lincoln, NE	65.3	171.5	66	-35
102	Lubbock, TX	65.1	129.5	39	-63
103	Lexington-Fayette, KY	64.8	247.5	90	-13
104	Buffalo-Niagara Falls, NY	64.7	541.0	135	31
105	Honolulu, HI	64.7	441.2	141	36
106	York-Hanover, PA	64.6	176.0	201	95
107	Madison, WI	64.5	344.7	152	45
108	Columbus, OH	64.3	912.1	194	86
109	Dover, DE	64.3	63.4	171	62
110	Salt Lake City, UT	64.2	613.9	107	-3
111	Flagstaff, AZ	63.6	61.5	100	-11
112	Green Bay, WI	63.5	165.7	229	117
113	Huntsville, AL	63.4	207.7	19	-94
114	Ames, IA	63.3	47.5	97	-17
115	Beaumont-Port Arthur, TX	63.3	159.7	168	53
116	Charlottesville, VA	63.2	98.7	84	-32
117	Appleton, WI	63.2	116.0	210	93
118	Omaha-Council Bluffs, NE-IA	63.1	456.9	80	-38
119	Jefferson City, MO	63.0	77.7	83	-36
120	Pittsfield, MA NECTA	62.8	35.4	282	162
121	Niles-Benton Harbor, MI	62.7	60.3	363	242
122	Greenville, NC	62.5	75.0	52	-70
123	Lansing-East Lansing, MI	62.5	219.2	278	155
124	Oklahoma City, OK	62.4	559.6	104	-20
125	Allentown-Bethlehem-Easton, PA-NJ	62.1	333.6	142	17
126	Waterloo-Cedar Falls, IA	62.0	88.6	88	-38
127	Kankakee-Bradley, IL	62.0	42.9	40	-87
128	Ann Arbor, MI	62.0	198.0	209	81
129	Springfield, OH	61.8	49.9	254	125
130	Erie, PA	61.7	128.5	302	172
131	Florence-Muscle Shoals, AL	61.7	54.8	78	-53
132	Athens-Clarke County, GA	61.6	81.0	94	-38
133	Palm Coast, FL	61.5	18.2	175	42
134	Tuscaloosa, AL	60.9	94.1	126	-8
135	Bloomington, IN	60.9	82.6	13	-122
136	Durham-Chapel Hill, NC	60.8	280.6	10	-126
137	Billings, MT	60.8	78.4	61	-76
138	Rochester-Dover, NH-ME NECTA	60.6	55.9	178	40
139	Winchester, VA-WV	60.4	54.4	245	106
140	Victoria, TX	60.4	49.2	226	86
141	Worcester, MA-CT NECTA	60.3	240.7	239	98
142	Bloomington-Normal, IL	60.2	90.3	86	-56
143	Milwaukee-Waukesha-West Allis, WI	60.0	814.8	306	163
144	Fayetteville, NC	59.9	128.2	6	-138
145	Cheyenne, WY	59.8	43.4	45	-100
146	Hot Springs, AR	59.8	37.1	166	20
147	Coeur d'Alene, ID	59.5	52.6	109	-38
148	Scranton--Wilkes-Barre, PA	59.3	254.2	146	-2
149	Ogden-Clearfield, UT	59.2	191.2	116	-33
150	Boulder, CO	59.1	159.5	155	5
151	Peoria, IL	59.0	178.8	258	107
152	Portland-South Portland-Biddeford, ME NECTA	58.8	187.8	180	28
153	Reading, PA	58.4	167.6	228	75
154	Johnson City, TN	58.1	78.4	262	108
155	Merced, CA	58.0	55.6	289	134
156	Poughkeepsie-Newburgh-Middletown, NY	57.8	248.1	147	-9
157	Lafayette, IN	57.7	93.2	234	77
158	Asheville, NC	57.6	167.2	240	82
159	St. Joseph, MO-KS	57.6	57.3	5	-154
160	Abilene, TX	57.5	65.2	64	-96
161	Springfield, MO	57.5	191.2	130	-31
162	Panama City-Lynn Haven-Panama City Beach, FL	57.2	70.7	91	-71
163	La Crosse, WI-MN	57.2	73.1	162	-1
164	Denver-Aurora-Broomfield, CO	56.9	1191.0	182	18
165	Mobile, AL	56.4	175.0	247	82
166	Lewiston-Auburn, ME NECTA	56.3	47.9	189	23
167	Orlando-Kissimmee-Sanford, FL	56.3	1010.7	256	89
168	Mankato-North Mankato, MN	56.1	52.1	186	18
169	Lafayette, LA	56.1	148.0	46	-123
170	Trenton-Ewing, NJ	56.1	237.0	71	-99
171	Pensacola-Ferry Pass-Brent, FL	56.0	158.2	197	26
172	Syracuse, NY	55.8	314.7	115	-57
173	Duluth, MN-WI	55.7	127.8	220	47
174	Alexandria, LA	55.6	64.0	63	-111
175	Hartford-West Hartford-East Hartford, CT NECTA	55.5	536.3	132	-43
176	Evansville, IN-KY	55.5	172.8	231	55
177	Utica-Rome, NY	55.4	129.7	82	-95
178	Des Moines-West Des Moines, IA	55.3	313.5	53	-125
179	Augusta-Richmond County, GA-SC	55.1	209.5	125	-54
180	Manchester, NH NECTA	55.0	97.5	96	-84
181	San Jose-Sunnyvale-Santa Clara, CA	54.9	859.7	297	116
182	Leominster-Fitchburg-Gardner, MA NECTA	54.8	48.5	341	159
183	Grand Rapids-Wyoming, MI	54.7	366.9	350	167
184	Sherman-Denison, TX	54.6	42.3	165	-19
185	Topeka, KS	54.6	107.9	138	-47
186	Casper, WY	53.4	38.3	198	12
187	Kingston, NY	53.4	60.7	170	-17
188	Indianapolis-Carmel, IN	53.4	870.5	246	58
189	Decatur, IL	52.7	52.6	263	74
190	Jackson, MS	52.7	250.9	144	-46
191	Lowell-Billerica-Chelmsford, MA-NH NECTA Division	52.7	114.7	233	42
192	Lancaster, PA	52.6	226.7	243	51
193	Greeley, CO	52.4	77.9	202	9
194	Bakersfield-Delano, CA	51.6	225.5	159	-35
195	Putnam-Rockland-Westchester, NY	51.4	554.2	238	43
196	Bridgeport-Stamford-Norwalk, CT NECTA	51.3	398.7	225	29
197	Charleston, WV	51.2	147.1	153	-44
198	Baton Rouge, LA	51.0	363.5	15	-183
199	Columbus, GA-AL	50.7	117.2	143	-56
200	Savannah, GA	50.6	149.5	176	-24
201	Tallahassee, FL	50.5	170.1	102	-99
202	Rochester, MN	50.2	101.7	72	-130
203	Chattanooga, TN-GA	50.1	230.7	331	128
204	Charlotte-Gastonia-Rock Hill, NC-SC	50.0	803.4	224	20
205	Harrisburg-Carlisle, PA	49.8	317.1	119	-86
206	St. Louis, MO-IL	49.7	1291.0	211	5
207	Battle Creek, MI	49.6	56.0	287	80
208	Sioux City, IA-NE-SD	49.5	73.1	99	-109
209	Calvert-Charles-Prince George's, MD	49.4	377.4	205	-4
210	Framingham, MA NECTA Division	49.2	153.3	221	11
211	Seattle-Bellevue-Everett, WA Metropolitan Division	49.2	1378.0	214	3
212	Anderson, SC	49.1	60.0	386	174
213	Mount Vernon-Anacortes, WA	48.9	43.8	281	68
214	Wilmington, NC	48.7	135.2	101	-113
215	Kokomo, IN	48.4	41.1	392	177
216	Idaho Falls, ID	48.3	48.2	154	-62
217	Hanford-Corcoran, CA	48.3	35.2	23	-194
218	San Francisco-San Mateo-Redwood City, CA Metropolitan Division	47.9	936.1	271	53
219	Champaign-Urbana, IL	47.7	109.4	185	-34
220	Terre Haute, IN	47.7	70.9	295	75
221	Holland-Grand Haven, MI	47.6	104.6	393	172
222	New Haven, CT NECTA	47.6	266.4	196	-26
223	Tacoma, WA Metropolitan Division	47.6	264.5	172	-51
224	Springfield, MA-CT NECTA	47.6	285.4	314	90
225	Greenville-Mauldin-Easley, SC	47.6	296.2	300	75
226	Tulsa, OK	47.6	408.0	161	-65
227	Santa Fe, NM	47.5	60.4	191	-36
228	Binghamton, NY	47.4	109.5	156	-72
229	Davenport-Moline-Rock Island, IA-IL	47.3	179.0	279	50
230	Louisville-Jefferson County, KY-IN	47.0	590.7	183	-47
231	Spartanburg, SC	46.8	118.9	366	135
232	Grand Junction, CO	46.7	58.8	235	3
233	Portland-Vancouver-Hillsboro, OR-WA	46.2	969.9	270	37
234	Miami-Miami Beach-Kendall, FL Metropolitan Division	46.2	989.6	292	58
235	Columbus, IN	46.2	42.4	315	80
236	San Diego-Carlsbad-San Marcos, CA	46.1	1227.6	299	63
237	Lynchburg, VA	46.1	104.1	158	-79
238	Punta Gorda, FL	45.9	40.7	301	63
239	Chico, CA	45.7	70.2	232	-7
240	Cape Girardeau-Jackson, MO-IL	45.4	43.6	57	-183
241	Modesto, CA	45.2	145.6	330	89
242	Kansas City, KS	45.2	421.2	151	-91
243	Colorado Springs, CO	45.1	245.1	208	-35
244	Virginia Beach-Norfolk-Newport News, VA-NC	45.0	727.4	174	-70
245	Albany-Schenectady-Troy, NY	44.8	433.1	108	-137
246	Richmond, VA	44.1	598.6	230	-16
247	Peabody, MA NECTA Division	43.9	98.5	227	-20
248	Hagerstown-Martinsburg, MD-WV	43.8	96.9	252	4
249	Edison-New Brunswick, NJ Metropolitan Division	43.6	974.0	268	19
250	Chicago-Joliet-Naperville, IL Metropolitan Division	43.4	3624.2	312	62
251	El Centro, CA	43.2	44.3	134	-117
252	Missoula, MT	43.1	54.4	164	-88
253	Jacksonville, FL	43.1	583.4	259	6
254	Bergen-Hudson-Passaic, NJ	43.0	868.7	265	11
255	Fort Smith, AR-OK	42.9	116.5	257	2
256	Providence-Fall River-Warwick, RI-MA NECTA	42.9	542.0	336	80
257	Gainesville, FL	42.6	127.7	173	-84
258	Elkhart-Goshen, IN	42.6	105.0	395	137
259	Baltimore City, MD	42.3	349.1	298	39
260	Sumter, SC	42.3	37.0	385	125
261	Spokane, WA	42.1	204.7	150	-111
262	Burlington, NC	41.9	55.8	356	94
263	Olympia, WA	41.7	96.6	70	-193
264	Danbury, CT NECTA	41.6	65.8	355	91
265	Kingsport-Bristol-Bristol, TN-VA	41.6	116.9	304	39
266	Decatur, AL	41.6	53.7	338	72
267	Lake Charles, LA	40.8	88.7	207	-60
268	Norwich-New London, CT-RI NECTA	40.6	128.8	157	-111
269	Salem, OR	39.8	142.0	127	-142
270	Lawrence, KS	39.8	49.9	58	-212
271	Bangor, ME NECTA	39.5	63.9	121	-150
272	Farmington, NM	39.5	48.3	293	21
273	Blacksburg-Christiansburg-Radford, VA	39.4	67.9	167	-106
274	Wichita Falls, TX	39.3	58.2	326	52
275	Salisbury, MD	39.2	52.2	264	-11
276	Columbia, SC	39.1	342.0	184	-92
277	Toledo, OH	39.1	299.9	381	104
278	Albuquerque, NM	39.1	370.5	117	-161
279	Macon, GA	39.0	95.9	273	-6
280	Madera-Chowchilla, CA	38.9	32.5	77	-203
281	Florence, SC	38.8	82.5	288	7
282	Saginaw-Saginaw Township North, MI	38.7	83.4	311	29
283	Oxnard-Thousand Oaks-Ventura, CA	38.3	274.0	323	40
284	Anderson, IN	38.3	40.4	188	-96
285	Cleveland, TN	37.9	39.2	291	6
286	Bremerton-Silverdale, WA	37.9	81.8	123	-163
287	Goldsboro, NC	37.8	42.3	160	-127
288	Wichita, KS	37.8	283.5	250	-38
289	Monroe, LA	37.6	75.4	177	-112
290	Kansas City, MO	37.5	536.2	139	-151
291	Gadsden, AL	37.4	35.7	340	49
292	Huntington-Ashland, WV-KY-OH	37.3	113.7	163	-129
293	Port St. Lucie, FL	36.9	120.7	324	31
294	Minneapolis-St. Paul-Bloomington, MN-WI	36.8	1688.1	269	-25
295	Valdosta, GA	36.8	52.3	244	-51
296	Racine, WI	36.8	74.8	378	82
297	Jackson, TN	36.6	57.9	347	50
298	Akron, OH	36.4	318.9	358	60
299	Danville, VA	35.8	39.7	361	62
300	Kalamazoo-Portage, MI	35.7	137.3	310	10
301	Camden, NJ Metropolitan Division	35.6	506.6	216	-85
302	Fond du Lac, WI	35.5	44.9	373	71
303	Fort Wayne, IN	35.5	201.2	318	15
304	Lake County-Kenosha County, IL-WI Metropolitan Division	35.3	371.2	286	-18
305	Lewiston, ID-WA	35.1	25.6	190	-115
306	Santa Barbara-Santa Maria-Goleta, CA	34.9	161.2	275	-31
307	Cleveland-Elyria-Mentor, OH	34.7	992.9	349	42
308	Rockford, IL	34.5	144.0	383	75
309	Boise City-Nampa, ID	34.3	250.0	242	-67
310	Fresno, CA	34.2	279.6	277	-33
311	Crestview-Fort Walton Beach-Destin, FL	34.1	76.2	169	-142
312	Nashua, NH-MA NECTA Division	33.9	125.1	253	-59
313	Cincinnati-Middletown, OH-KY-IN	33.9	980.6	248	-65
314	Muncie, IN	33.8	49.3	351	37
315	Parkersburg-Marietta-Vienna, WV-OH	33.7	68.8	195	-120
316	Roanoke, VA	33.6	153.6	212	-104
317	Santa Ana-Anaheim-Irvine, CA Metropolitan Division	32.5	1359.6	353	36
318	Youngstown-Warren-Boardman, OH-PA	32.4	220.5	374	56
319	San Luis Obispo-Paso Robles, CA	32.3	95.9	276	-43
320	Visalia-Porterville, CA	32.1	104.8	222	-98
321	Medford, OR	32.1	75.3	327	6
322	Vallejo-Fairfield, CA	31.7	117.9	303	-19
323	Lakeland-Winter Haven, FL	31.5	194.5	280	-43
324	St. George, UT	31.5	45.6	267	-57
325	Rocky Mount, NC	31.1	60.6	332	7
326	Lima, OH	30.8	52.2	348	22
327	Tampa-St. Petersburg-Clearwater, FL	30.7	1117.4	325	-2
328	Gary, IN Metropolitan Division	30.7	262.2	309	-19
329	Atlanta-Sandy Springs-Marietta, GA	30.5	2247.7	272	-57
330	Waterbury, CT NECTA	30.3	62.7	388	58
331	Vineland-Millville-Bridgeton, NJ	30.1	58.2	179	-152
332	Tucson, AZ	29.9	354.1	237	-95
333	Bellingham, WA	29.9	77.7	223	-110
334	Bay City, MI	29.7	36.2	344	10
335	Salinas, CA	29.6	119.5	251	-84
336	Dayton, OH	29.4	370.8	369	33
337	Canton-Massillon, OH	29.3	159.2	380	43
338	Montgomery, AL	29.3	166.7	218	-120
339	Phoenix-Mesa-Glendale, AZ	29.3	1701.2	320	-19
340	Albany, GA	29.2	60.9	213	-127
341	Pocatello, ID	28.7	35.6	249	-92
342	Fort Lauderdale-Pompano Beach-Deerfield Beach, FL Metropolitan Division	28.5	705.4	337	-5
343	Newark-Union, NJ-PA Metropolitan Division	27.7	962.8	283	-60
344	Napa, CA	27.6	58.0	266	-78
345	South Bend-Mishawaka, IN-MI	26.3	132.3	384	39
346	West Palm Beach-Boca Raton-Boynton Beach, FL Metropolitan Division	26.3	503.0	354	8
347	Santa Cruz-Watsonville, CA	26.2	85.9	305	-42
348	Longview, WA	26.1	34.9	284	-64
349	Atlantic City-Hammonton, NJ	25.9	135.3	329	-20
350	Michigan City-La Porte, IN	24.6	42.4	313	-37
351	Palm Bay-Melbourne-Titusville, FL	24.4	192.0	307	-44
352	Anniston-Oxford, AL	24.1	48.7	255	-97
353	Redding, CA	24.0	57.0	317	-36
354	North Port-Bradenton-Sarasota, FL	24.0	239.9	368	14
355	Wausau, WI	24.0	67.0	360	5
356	Yuba City, CA	23.9	36.3	261	-95
357	Santa Rosa-Petaluma, CA	23.9	170.3	365	8
358	Winston-Salem, NC	23.6	203.4	204	-154
359	Deltona-Daytona Beach-Ormond Beach, FL	22.9	153.4	334	-25
360	Sheboygan, WI	21.8	58.3	370	10
361	Stockton, CA	21.8	187.7	316	-45
362	Riverside-San Bernardino-Ontario, CA	21.7	1112.1	359	-3
363	Bend, OR	21.6	59.6	308	-55
364	Wilmington, DE-MD-NJ Metropolitan Division	21.3	328.1	290	-74
365	Yuma, AZ	21.2	49.7	346	-19
366	Carson City, NV	21.1	28.8	342	-24
367	Sacramento--Arden-Arcade--Roseville, CA	20.6	799.5	322	-45
368	Brunswick, GA	20.6	40.4	285	-83
369	Warren-Troy-Farmington Hills, MI Metropolitan Division	20.5	1044.7	397	28
370	Naples-Marco Island, FL	20.3	110.7	376	6
371	Danville, IL	20.2	28.9	296	-75
372	Reno-Sparks, NV	20.1	189.8	372	0
373	Los Angeles-Long Beach-Glendale, CA Metropolitan Division	18.8	3782.6	352	-21
374	Birmingham-Hoover, AL	18.8	488.7	364	-10
375	Lake Havasu City-Kingman, AZ	18.2	45.2	333	-42
376	Las Vegas-Paradise, NV	18.2	797.3	339	-37
377	Ocala, FL	18.1	89.9	367	-10
378	Sebastian-Vero Beach, FL	17.8	43.1	335	-43
379	Prescott, AZ	17.7	54.0	319	-60
380	Eugene-Springfield, OR	17.6	140.6	343	-37
381	Rome, GA	17.2	38.1	236	-145
382	Cape Coral-Fort Myers, FL	17.2	194.9	371	-11
383	Mansfield, OH	16.7	52.1	362	-21
384	Detroit-Livonia-Dearborn, MI Metropolitan Division	15.1	694.6	394	10
385	Greensboro-High Point, NC	15.0	337.5	345	-40
386	Steubenville-Weirton, OH-WV	15.0	43.6	379	-7
387	Monroe, MI	14.1	37.3	382	-5
388	Hickory-Lenoir-Morganton, NC	13.7	142.7	389	1
389	Morristown, TN	13.4	45.3	396	7
390	Flint, MI	13.4	132.7	375	-15
391	Jackson, MI	13.3	53.0	387	-4
392	Memphis, TN-MS-AR	11.0	585.4	321	-71
393	Muskegon-Norton Shores, MI	10.3	57.7	377	-16
394	Dalton, GA	9.6	65.7	390	-4
395	Oakland-Fremont-Hayward, CA Metropolitan Division	9.4	947.0	357	-38
396	Janesville, WI	9.3	60.8	391	-5
397	Dothan, AL	8.2	56.5	328	-69
398	Pine Bluff, AR	8.2	36.5	215	-183

The Next Boom Towns In The U.S.

Andrew Bers — Thu, 08 Sep 2011 18:15:11 -0600

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 the American equivalents of rapidly aging countries like Japan; those with more sprightly demographics are akin to up and coming countries such as Vietnam. Many of our top performers are not surprising. No. 1 Austin, Texas, and No. 2 Raleigh, N.C., have it all demographically: high rates of immigration and migration of educated workers and healthy increases in population and number of children. They are also economic superstars, with job-creation records among the best in the nation. Perhaps less expected is the No. 3 ranking for Nashville, Tenn. The country music capital, with its low housing prices and pro-business environment, has experienced rapid growth in educated migrants, where it ranks an impressive fourth in terms of percentage growth. New ethnic groups, such as Latinos and Asians, have doubled in size over the past decade. Two advantages Nashville and other rising Southern cities like No. 8 Charlotte, N.C., possess are a mild climate and smaller scale. Even with population growth, they do not suffer the persistent transportation bottlenecks that strangle the older growth hubs. At the same time, these cities are building the infrastructure — roads, cultural institutions and airports — critical to future growth. Charlotte’s bustling airport may never be as big as Atlanta’s Hartsfield, but it serves both major national and international routes. Of course, Texas metropolitan areas feature prominently on our list of future boom towns, including No. 4 San Antonio, No. 5 Houston and No. 7 Dallas, which over the past years boasted the biggest jump in new jobs, over 83,000. Aided by relatively low housing prices and buoyant economies, these Lone Star cities have become major hubs for jobs and families. And there’s more growth to come. With its strategically located airport, Dallas is emerging as the ideal place for corporate relocations. And Houston, with its burgeoning port and dominance of the world energy business, seems destined to become ever more influential in the coming decade. Both cities have emerged as major immigrant hubs, attracting on newcomers at a rate far higher than old immigrant hubs like Chicago, Boston and Seattle. The three other regions in our top 10 represent radically different kinds of places. The Washington, D.C., area (No. 6) sprawls from the District of Columbia through parts of Virginia, Maryland and West Virginia. Its great competitive advantage lies in proximity to the federal government, which has helped it enjoy an almost shockingly ”good recession,” with continuing job growth, including in high-wage science- and technology-related fields, and an improving real estate market. Our other two top ten, No. 9 Phoenix, Ariz., and No. 10 Orlando, Fla., have not done well in the recession, but both still have more jobs now than in 2000. Their demographics remain surprisingly robust. Despite some anti-immigrant agitation by local politicians, immigrants still seem to be flocking to both of these states. Known better s as retirement havens, their ranks of children and families have surged over the past decade. Warm weather, pro-business environments and, most critically, a large supply of affordable housing should allow these regions to grow, if not in the overheated fashion of the past, at rates both steadier and more sustainable. Sadly, several of the nation’s premier economic regions sit toward the bottom of the list, notably former boom town Los Angeles (No. 47). Los Angeles’ once huge and vibrant industrial sector has shrunk rapidly, in large part the consequence of ever-tightening regulatory burdens. Its once magnetic appeal to educated migrants faded and families are fleeing from persistently high housing prices, poor educational choices and weak employment opportunities. Los Angeles lost over 180,000 children 5 to 17, the largest such drop in the nation. Many of L.A.’s traditional rivals — such as Chicago (with which is tied at No. 47), New York City (No. 35) and San Francisco (No. 42) — also did poorly on our prospective list. To be sure, they will continue to reap the benefits of existing resources — financial institutions, universities and the presence of leading companies — but their future prospects will be limited by their generally sluggish job creation and aging demographics. Of course, even the most exhaustive research cannot fully predict the future. A significant downsizing of the federal government, for example, would slow the D.C. region’s growth. A big fall in energy prices, or tough restrictions of carbon emissions, could hit the Texas cities, particularly Houston, hard. If housing prices stabilize in the Northeast or West Coast, less people will flock to places like Phoenix, Orlando or even Indianapolis (No.11) , Salt Lake City (No. 12) and Columbus (No. 13). One or more of our now lower ranked locales, like Los Angeles, San Francisco and New York, might also decide to reform in order to become more attractive to small businesses and middle class families. What is clear is that well-established patterns of job creation and vital demographics will drive future regional growth, not only in the next year, but over the coming decade. People create economies and they tend to vote with their feet when they choose to locate their families as well as their businesses. This will prove more decisive in shaping future growth than the hip imagery and big city-oriented PR flackery that dominate media coverage of America’s changing regions. Cities of the Future Rankings Rank Metropolitan Area 1 Austin, TX 2 Raleigh, NC 3 Nashville, TN 4 San Antonio, TX 5 Houston, TX 6 Washington, DC-VA-MD-WV 7 Dallas-Fort Worth, TX 8 Charlotte, NC-SC 8 Phoenix, AZ 10 Orlando, FL 11 Indianapolis, IN 12 Salt Lake City, UT 13 Columbus, OH 14 Jacksonville, FL 15 Atlanta, GA 16 Las Vegas, NV 16 Riverside, CA 18 Portland, OR-WA 19 Denver, CO 20 Oklahoma City, OK 21 Baltimore, MD 22 Louisville, KY-IN 22 Richmond, VA 24 Seattle, WA 25 Kansas City, MO-KS 26 San Diego, CA 27 Miami, FL 28 Tampa, FL 29 Sacramento, CA 30 Birmingham, AL 31 New Orleans, LA 32 Philadelphia, PA-NJ-DE-MD 33 Minneapolis, MN-WI 34 St. Louis, MO-IL 35 Cincinnati, OH-KY-IN 35 New York, NY-NJ-PA 37 Boston, MA-NH 38 Memphis, TN-MS-AR 39 Pittsburgh, PA 40 Virginia Beach, VA-NC 41 Rochester, NY 42 Buffalo, NY 42 San Francisco, CA 44 Hartford, CT 45 Milwaukee, WI 45 San Jose, CA 47 Chicago, IL-IN-WI 47 Los Angeles, CA 49 Providence, RI-MA 50 Detroit, MI 51 Cleveland, OH This piece originally appeared at Forbes.com. Joel Kotkin is executive editor of NewGeography.com and is a distinguished presidential fellow in urban futures at Chapman University, and an adjunct fellow of the Legatum Institute in London. He is author of The City: A Global History. His newest book is The Next Hundred Million: America in 2050, released in February, 2010.

Foreclosure Delays Reach New Records

Andrew Bers — Sun, 04 Sep 2011 16:22:17 -0600

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.

Where the Boomers Are

Andrew Bers — Wed, 31 Aug 2011 05:59:03 -0600

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 working longer than ever. Yet the moving patterns of older baby boomers suggest a strong anti-big-city bias. So where are these surviving boomers settling as they enter their golden years? The top ten on our list are all affordable, generally low-density Sunbelt metros (see table). But by far the biggest trend among boomers is not to move at all. "The boomers are staying put more than anyone thought," says Sandi Rosenbloom, an expert on retirement trends and a professor of planning and civil engineering at the University of Arizona. "People of that generation tend to own their own homes and stay there. The idea that they are moving to the city really comes from the wishful-thinking school of planning."

AP Reports Foreclosures made up 31% of home sales in 2Q

Andrew Bers — Fri, 26 Aug 2011 17:11:33 -0600

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.

New Foreclosure Listing in Bradenton under 80k

Andrew Bers — Wed, 24 Aug 2011 15:31:09 -0600

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.

Mortgage Rates Reach Record Lows

Andrew Bers — Fri, 05 Aug 2011 21:39:53 -0600

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. 5-year adjustable-rate mortgages: averaged 3.18 percent this week, falling from last week’s 3.25 percent average. Last year at this time, 5-year ARMs averaged 3.63 percent. 1-year adjustable-rate mortgages: were the only ones on the rise last week, averaging 3.02 percent this week, which is up from last week’s 2.95 percent average. Last year at the time, 1-year ARMs averaged 3.55 percent. Source: “Mortgage Rates Hit Record Lows Amid Signs of Weakening Economy,” Freddie Mac (Aug. 4, 2011)

J.D. Power and Associates: RE/MAX Ranks Highest in Customer Satisfaction

Andrew Bers — Fri, 29 Jul 2011 04:28:42 -0600

Good morning, I have extremely exciting news to share with you! 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.

Home prices dip 4.5%

Andrew Bers — Wed, 27 Jul 2011 01:22:55 -0600

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." Read more...

Region's home sales fall sharply, but prices rise

Andrew Bers — Sat, 23 Jul 2011 18:03:24 -0600

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 capitulate once their communities become affected by short sales and foreclosures. "Higher-end foreclosures are the new buzz word now," Marlowe said. "People have been watching and waiting for three or four years." Read more...

Foreclosure Sales Drop, But Inventories Swell

Andrew Bers — Tue, 05 Jul 2011 19:17:47 -0600

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)

Andrew's Expertise Highlighted in Herald Tribune Article

Andrew Bers — Tue, 05 Jul 2011 12:19:08 -0600

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 — the difference between the original loan (balance) and what the short sale brings in.

See the entire story in the Herald Tribune

Andrew Bers Awarded FIVE STAR Real Estate Agent Award for 6th Year in a Row

Andrew Bers — Fri, 01 Jul 2011 12:03:42 -0600

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 represented buyers and sellers of some of the areas most exclusive luxury properties. Bers is also a preeminent short sale expert and foreclosure authority with established local and national bank relationships. Bers is held in high esteem by colleagues and clients alike for his business acumen and superior negotiating skills. Widely recognized for his innovative marketing programs and in-depth buyer services, his “out of the box” thinking and keen understanding of client’s needs play a primary role in his overall success. An individual approach is offered for each real estate transaction. Bers knows what his clients want and how to get it.

Which to buy: short sale or foreclosure?

Andrew Bers — Tue, 28 Jun 2011 16:23:50 -0600

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?

Make Plans for July 4th Now in Sarasota

Andrew Bers — Tue, 28 Jun 2011 14:18:23 -0600

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 through July 2012. Get more information here.

Things are looking up in Sarasota and Bradenton Florida

Andrew Bers — Tue, 21 Jun 2011 16:41:04 -0600

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.

Should lenders be punished for fraudulent paperwork

Andrew Bers — Wed, 15 Jun 2011 13:41:04 -0600

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.

STRATEGIC DEFAULT- opting to walk away from a mortgage you can afford...

Andrew Bers — Tue, 14 Jun 2011 21:01:05 -0600

...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

Forbes Magazine highlights the advantages of lower home prices

Andrew Bers — Tue, 14 Jun 2011 17:24:19 -0600

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.

Andrew Bers achieves national recognition

Andrew Bers — Tue, 14 Jun 2011 12:49:41 -0600

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 / Sarasota Magazine - Best In Client Satisfaction each year since its inception in 2006.

Major banks faulted for failing Mortgage modifications

Andrew Bers — Tue, 14 Jun 2011 12:20:45 -0600

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.

FloridaRealtors reports on how short sale scams cheat banks, sellers

Andrew Bers — Thu, 09 Jun 2011 18:27:52 -0600

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.

FloridaRealtors reports on Fannie revamping rules on delinquent loans

Andrew Bers — Thu, 09 Jun 2011 18:25:04 -0600

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.

New sales reports are out

Andrew Bers — Mon, 06 Jun 2011 12:43:01 -0600

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.

Herald-Tribune reports home prices take double dip

Andrew Bers — Wed, 01 Jun 2011 18:52:36 -0600

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.

Buyers Better Hurry: Rates Reach New Lows

Andrew Bers — Fri, 27 May 2011 16:32:10 -0600

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.

Meanwhile, the National Association of Home Builders reported this week that home affordability reached its highest level in 20 years, making the purchasing power for home buyers even better during this traditionally prime buying season. Read the entire article and see the latest rates.

Siesta Beach Named #1 Beach for 2011

Andrew Bers — Fri, 27 May 2011 13:16:53 -0600

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.

Area real estate market continues strong surge

Andrew Bers — Fri, 20 May 2011 14:03:13 -0600

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.

Longboat Key sales reports now available online and free

Andrew Bers — Fri, 13 May 2011 12:47:17 -0600

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.

Bank-Owned Inventory Reaches All-Time High

Andrew Bers — Fri, 06 May 2011 22:13:49 -0600

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.

Sharkys' Ride the Beaches

Andrew Bers — Mon, 02 May 2011 18:03:51 -0600

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.

Is it a buyers market - some say no

Andrew Bers — Thu, 28 Apr 2011 16:25:17 -0600

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 estate needs.

Are you still on the fence as when to buy?

Andrew Bers — Fri, 22 Apr 2011 15:03:13 -0600

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.

5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.61 percent this week, with an average 0.6 point, down from last week when it averaged 3.78 percent. A year ago, the 5-year ARM averaged 4.03 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 will be happy to answer any questions.

New program to help target foreclosure scammers and educate homeowners

Andrew Bers — Wed, 20 Apr 2011 12:34:28 -0600

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 the full program here.

Dip in foreclosures

Andrew Bers — Sat, 16 Apr 2011 15:50:54 -0600

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.

Sales in the Sarasota real estate market reach highest level in six years

Andrew Bers — Fri, 15 Apr 2011 12:27:46 -0600

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.

Single family home sales, at 580, were up 23 percent from the previous month, and were 5 percent higher than last March, when the tax credit spurred sales to 555. Condo sales also climbed to 220 in March 2011, up 10 percent from February, and 11 percent higher than last year at this time. Median sales prices for both single family homes and condominiums shot up in March to $159,250 for single family homes and $173,000 for condos, representing a 16 percent and a 26 percent jump, respectively. One of the likely reasons - distressed property sales fell to 43 percent of the total, down from February when almost 47 percent of all sales were foreclosures or short sales.

In addition to the positive sales figures, pending sales also registered above the 1,200 level in March, hitting 1,208, the highest level in six years. This year, every month has seen more than 1,000 pending sales, or properties going under contract during the month. The statistic is a strong indicator for the next two or three months of sales, as pending sales reflect current buyer activity, which has been off the charts.

Last March, pending sales reached 1,060, but that figure was pushed upward by the approaching April 2010 deadline for the homebuyer tax credits. This year's upward trend is being fueled by buyers of all sorts - investors, second-home buyers, and those who realize that today's lower home prices coupled with low interest rates present buyers with an opportunity not seen in years.

Another indication of the very positive atmosphere in the local real estate market was the Florida Realtors® Open House Weekend on March 26-27. More than 600 open houses were advertised over the weekend in the local market, and foot traffic was very heavy, according to agents who participated.

The drop to the lowest inventory level in six years (5,501) could mean additional upward pressure on sales prices moving forward.

The remaining months of inventory for single family homes, the time it would take to sell all currently available single family homes at the present rate, fell to 6.0 months from 8.0 months in February. This is traditionally a level which represents the cusp of a seller's market, when buyers begin to compete for available properties and drive up prices. For condos, the remaining months of inventory dropped to 9.2 months from 10.4 months in February, also a healthy figure.

Only a short 26 months ago, in January 2009, there were 25.3 months of inventory for single family homes and 38.4 months of condo inventory. The market is considered to be in equilibrium between a buyers and sellers market once the figure reaches the 6 month level.

"Price appreciation normally follows a declining inventory and increased competition among buyers," explained Bruno. "I'm still hopeful that this trend, which has been evident now for several months, continues into the summer months. Last year, we saw strong activity in April, May and June, probably connected to the federal tax credit. But there is evidence the trend will repeat this year after seeing the March sales and pending sales figures.

I'm very encouraged by the numbers we're observing, and even more encouraged by the positive word of mouth I'm hearing."

Click HERE for the complete press release in PDF format, plus six pages of statistical charts.

Source: Sarasota Association of REALTORS®

Mortgage rates inching up

Andrew Bers — Fri, 08 Apr 2011 19:12:47 -0600

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. … Continue reading →

Forget stocks, now is the time to buy real estate

Andrew Bers — Fri, 08 Apr 2011 15:41:15 -0600

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.

What to watch for when buying a foreclosure

Andrew Bers — Fri, 08 Apr 2011 15:32:37 -0600

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.

Could foreclosure process be getting easier

Andrew Bers — Thu, 07 Apr 2011 02:26:05 -0600

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.

Siesta Beach makes national top 10 list

Andrew Bers — Tue, 05 Apr 2011 17:24:48 -0600

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.

Tips for Avoiding Foreclosure

Andrew Bers — Mon, 04 Apr 2011 23:24:03 -0600

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 and time frames in your state (as every state is different) by contacting the State Government Housing Office.
Understand foreclosure prevention options. Valuable information about foreclosure prevention (also called loss mitigation) options can be found online or call me for a personal conversation.
Prioritize your spending. After health care, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses--cable TV, memberships, entertainment--that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
Use your assets. Do you have assets--a second car, jewelry, a whole life insurance policy--that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.
Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help--use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD-approved housing counselor will provide free if you contact them.
Don't lose your house to foreclosure recovery scams! If any firm claims they can stop your foreclosure immediately and if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional or a HUD-approved housing counselor.

Andrew Bers, Broker-Associate is an award winning Realtor in Sarasota, Florida with ReMax Alliance Group. He is a National Association of Realtors, Certified Short Sale and Foreclosure Specialist. Andrew has assembled a professional short sales team of CPA’s and Board Certified Real Estate Attorneys, including Robbie Petsinger, Broker-Associate and Operations Manager for the Andrew Bers team. Together, they assist clients seamlessly navigate real estate transactions and successfully negotiate short sales and bank owned properties. Additionally, Andrew provides educational seminars to the public on the pre-foreclosure process including short sales as well as bank owned properties. Call us today, we can help.

New RE/MAX Collections nationwide search

Andrew Bers — Fri, 01 Apr 2011 16:51:11 -0600

The RE/MAX Collection page on remax.com has been redesigned and restocked with new resources. The page includes a carousel of luxury listing photos and a geo-location feature. See what we can offer here in Sarasota or Longboat Key Florida or anywhere the US. Visit it here.

When looking for the finest in luxury property, look for The RE/MAX Collection®.

A certain portfolio of homes qualify for The RE/MAX Collection® – an exclusive RE/MAX real estate marketing program for luxury homes. To be eligible for The RE/MAX Collection®, properties must be three times the average listing price in your local area.

Expertise to Match Your Sophisticated Lifestyle

RE/MAX Alliance Group associates understand the preferences of homebuyers and sellers in the luxury market. We recognize your special needs and use our resources and connections to your advantage. Our associates are able to provide extraordinary expertise to clients interested in buying or selling homes in the area’s most distinguished neighborhoods.

An exceptional program for exceptional properties

The RE/MAX Collection program was created to address the special needs of our clients in the luxury market. Since its creation, we’ve developed a reputation for our unparalleled expertise, expansive network of experienced agents and excellent marketing strategies. As a high-end real estate specialists Andrew focuses on servicing his clients with the utmost professionalism and attention to detail. Whether buying or selling a waterfront home, winter retreat or any of the other exquisite properties throughout Sarasota, Manatee and Charlotte counties, Andrew can assist you in every facet of the real estate transaction.

Who’s the best in real estate?

Andrew Bers — Tue, 29 Mar 2011 17:54:02 -0600

Based on recently released results, it’s your RE/MAX agent. Year-end sales data for 2010 are in: For the 13th consecutive year, RE/MAX sold more real estate than any competitor. And RE/MAX agents average more transaction sides than agents with any other national brand ... in most cases twice as many. See what Margaret Kelley, RE/MAX Chief Executive Officer has to say.

When is a foreclosure truly over?

Andrew Bers — Tue, 29 Mar 2011 15:14:09 -0600

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. Read the full story here.

Do You Need An Agent When Buying A Home? 9 Important Points

Andrew Bers — Mon, 28 Mar 2011 20:50:14 -0600

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? These are just a few of the things to consider when beginning your home search. Statistics currently estimate that 87% of all real estate transactions begin on the internet. While it is convenient to do so in the privacy of your home or office, eventually you will need the assistance of a real estate agent. If I or my team can answer any of these questions for you or any any questions about homes you see here on our website (www.AndrewBers.com), please do hesitate to ask.

Music, dance, movies and more this weekend in Sarasota

Andrew Bers — Fri, 25 Mar 2011 16:06:56 -0600

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. I'm sure we'll see you around town.

New homes sales struggle against foreclosures

Andrew Bers — Thu, 24 Mar 2011 17:14:29 -0600

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. Read the complete story here. If you have any questions about the advantages of new versus pre-owned, we'd be happy to answer them.

Area home prices bounce back...a little

Andrew Bers — Mon, 21 Mar 2011 19:29:45 -0600

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. Read the full newspaper article here.

Sarasota makes "best places to live in 2011" list

Andrew Bers — Mon, 21 Mar 2011 19:18:59 -0600

Men's Journal has put Sarasota on it's list of the 18 coolest cities to live in for 2011. The magazine selects Sarasota as “the Best Place to Mix with Artists and Athletes" and the city is called “Florida for people who hate Florida” and a place “where being active means more than steering a golf cart.” The April issue will be on the newsstands on Friday.

One more reason Florida is the place to buy and now

Andrew Bers — Fri, 18 Mar 2011 19:03:49 -0600

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.

Mortgage rates drop to 3-month low

Andrew Bers — Fri, 18 Mar 2011 13:55:48 -0600

RISMEDIA is reporting today that mortgage rates posted a sharp decline, with the benchmark conforming 30-year fixed mortgage rate falling to 4.91%, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.38 discount and origination points. To see mortgage rates in your area, go to www.bankrate.com/funnel/mortgages. The average 15-year fixed mortgage dropped to 4.12%, and the larger jumbo 30-year fixed rate retreated to 5.46%. Adjustable rate mortgages were mostly lower also, with the average 5-year ARM sinking to 3.74% and the 7-year ARM pulling back to 4.10%. If you are thinking of buying a home that you will be in less than five years, what an incredible chance to own a home for a low monthly rate. Read the complete article here.

7 Reasons to Own Your Home

Andrew Bers — Thu, 17 Mar 2011 16:42:41 -0600

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 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 housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase. 6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home. 7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov. Of course the first step in buying a home is to get pre-approved for a mortgage. I have several recommendations I can make and would be happy to help you start your real estate hunt today.

When should a seller accept an offer?

Andrew Bers — Wed, 16 Mar 2011 22:10:11 -0600

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.
Can you accept a loss? Be sure to take closing costs into consideration too as you weigh whether you can even afford to agree to the buyer's offer.

Realty Times also suggests sellers take into account how long their home has been on the market and the number of showings. Such considerations also can help sellers determine whether getting a better offer soon is realistic and would be worth the wait. Source: “Should I Accept This Offer?” Realty Times (March 15, 2011)

Tax Season Tips for Home Owners

Andrew Bers — Tue, 15 Mar 2011 18:39:13 -0600

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 of debt income.” This special relief is temporary and is available for six years, retroactively for taxpayers filing amended returns, from January 1, 2007 through the end of 2011.

Sales up; inventory at six year low in Sarasota market

Andrew Bers — Mon, 14 Mar 2011 13:55:41 -0600

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.

Read the complete article.

New site is now LIVE

Andrew Bers — Mon, 14 Mar 2011 13:20:26 -0600

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.

Freddie Mac reports 30-Year Fixed-Rate Mortgage Holds Steady at 4.88%

Andrew Bers — Sun, 13 Mar 2011 18:46:39 -0600

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. See the entire report here if you are thinking of buying sometime this year.

Reduced - Beautiful Pool Home in Bradenton Florida

Andrew Bers — Fri, 11 Mar 2011 13:33:52 -0700

10018 46TH AVE W, BRADENTON FL 3 bedrooms - 2 Bathrooms - 2797 Sq. Ft. $789,500 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! See more of this beautiful home here.

Many Buyers Lack Credit Score Understanding

Andrew Bers — Thu, 10 Mar 2011 19:49:36 -0700

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. 5 Factors That Decide Your Credit Score Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. The following factors affect your score: 1. Your payment history. Did you pay your credit card obligations on time? If they were late, then how late? Bankruptcy filing, liens, and collection activity also impact your history. 2. How much you owe. If you owe a great deal of money on numerous accounts, it can indicate that you are overextended. However, it’s a good thing if you have a good proportion of balances to total credit limits. 3. The length of your credit history. In general, the longer you have had accounts opened, the better. The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time, according to Fair Isaac Corp., and only one in 20 consumers have credit histories shorter than 2 years. 4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay them promptly. 5. The types of credit you use. Generally, it’s desirable to have more than one type of credit — installment loans, credit cards, and a mortgage, for example. For more on evaluating and understanding your credit score, visit www.myfico.com.

RE/MAX Chairman and Co-Founder predicts a better year for forclosures

Andrew Bers — Thu, 10 Mar 2011 19:04:22 -0700

I am still seeing a lot of activity in foreclosures and especially short sales here in the Longboat Key and Sarasota area of Florida. Our local papers are reporting drops in filings and our Chairman at RE/MAX is predicting a bottoming out of the market. Dave Liniger, RE/MAX Chairman and Co-Founder told a gathering of more than 5,000 real estate agents that the worst of the housing crisis has passed. Liniger said that the industry must continue to pursue the training that will help homeowners in distress, but should also start planning for a post-crisis environment. “There will be more foreclosures this year, but the worst is behind us and we need to turn our focus to the future,” said Liniger. “The housing recovery is actually happening faster than many economists think.” Read the complete article here.

Foreclosure filings in Manatee, Sarasota and Charlotte counties down 34 percent last month

Andrew Bers — Thu, 10 Mar 2011 18:01:16 -0700

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. Read the full article here.

Local stats on foreclosures are staggering

Andrew Bers — Wed, 09 Mar 2011 21:44:54 -0700

43.5 percent of Sarasota area homeowners owed more on their mortgages than their homes were worth during the fourth quarter. … Continue reading →

Florida foreclosures show a sign of slowing down

Andrew Bers — Thu, 03 Mar 2011 02:01:40 -0700

Florida foreclosures show a sign of slowing down … Continue reading →

26% of all homes sold last year were foreclosures

Andrew Bers — Thu, 03 Mar 2011 02:00:36 -0700

Interesting fact from CNNMoney: 26% of all homes sold last year were foreclosures. Read the story here

Home sales spike in January - prices plunge

Andrew Bers — Thu, 03 Mar 2011 01:59:01 -0700

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. Read more here.

Short Sale Package

Andrew Bers — Mon, 14 Feb 2011 15:18:42 -0700

All Lenders will require that a Short Sale Package be submitted to begin the short sale process. Lenders may have different requirements – here is a sample list of items needed for the package: - Sellers Hardship Letter – Must be handwritten - Authorization to Release Information for the party handling communication and negotiations with the Lender - Financial Statement - Copies of mortgage statements - Last two years tax returns - Last two months pay stubs - Last two months bank statements - Supporting Hardship information – HOA liens, past due real estate taxes, medical/disability statements, etc. - Broker Price Opinion which I will prepare for your property - Copy of Real Estate Contract and Addendums - Any other information that you would like the Lender to consider Handwritten Hardship Letter The hardship letter is used to explain your need for a short sale to the Lender. Sample hardship reasons: - Unemployment - Reduction in income - Separation or Divorce - Medical bills - Illness - Death of a spouse - Mortgage payment increase - Job relocation - Incarceration - Other – must specify Sample hardship letter: SAMPLE ONLY – PLEASE WRITE THE LETTER IN YOUR OWN WORDS Click here to download a pdf. Credit Consequences of a Short Sale It is the general belief that a short sale will appear on your credit report as “settled for less than amount owed”. A short sale can lower your credit score by 80-100 points. There is also a possibility, through negotiations with your Lender, that you can avoid having the short sale reported to the credit agencies. Our team will do our best to negotiate this with your Lender. Request a Free Evaluation Not sure if you are upside down or not in your home? We can give you the most current and accurate information on property values in your neighborhood thereby giving you a true estimate of your family's home. It's FREE and simple to do and DOES NOT involve a phone call if you'd rather not. 941-383-2550...call today

What is a Short Sale?

Andrew Bers — Mon, 14 Feb 2011 14:40:01 -0700

A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers. This agreement, however, does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, known as the deficiency. (Source: Wikipedia) Why Your Lender May Accept a Short Sale While lenders will not be excited at the idea of a short sale, they are aware that a foreclosure is usually a far more costly endeavor. In a market where values are decreasing, it is in the Lenders best interest to liquidate loans as quickly as possible. Steps of a Short Sale - Determine the value of your property. I can provide you with a comprehensive Broker Price Opinion (BPO) - Calculate your estimated closing costs – I can provide you with a Seller’s Estimated Net Sheet - Calculate the equity in your home. If your closing costs and total of outstanding mortgage(s) are higher than the value of your property you are a candidate for a short sale - Consult with an attorney and a tax consultant – I can connect you with our team of real estate attorneys and tax attorneys/tax accountants to understand your possible tax obligations - Compile your short sale package - List your home for sale - Get your home under contact - Begin short sale negotiations with your Lender(s). My team will handle all negotiations and communication - Obtain approval from your Lender(s) - Proceed to closing – My team will handle all aspects of the closing process - Move on with your life!! The IRS and Short Sales Many homeowners do not realize that they may be liable for a large tax bill from the IRS after a short sale. Since every situation is different, I can connect you with my team of tax attorneys/tax accountants before you proceed with a short sale. Your Lender(s) will more likely issue you at 1099-C for the “forgiven” debt and you will need to file IRS Form 982 – Reduction of Tax attributes – click here for the form. This form is used to request a reduction in tax attributes due to insolvency. Our team of tax attorneys/tax accountants will be able to explain the consequences and your obligations.