Tampa Florida

Fla. AG urged to get tough on foreclosure deal

2012-01-31T19:55:00.001-05:00

The Florida Council of Churches and others want state to wrest more money from
banks that fudged foreclosure papers. Read more.

Foreclosure refinancing plan doesn’t go far enough for some

2012-01-28T09:18:00.001-05:00

Some welcomed Pres. Obama's proposal to help at-risk homeowners; others, including
NAR, think it still falls short. Read more.

2011’s foreclosures lowest in four years

2012-01-26T15:55:00.000-05:00

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 lowForeclosure 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 actionsMore 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 foreclosureNationally, 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®

State of the Union: Obama’s housing proposal

2012-01-25T15:15:00.000-05:00

President pushed broader homeowner refinancing options and a task force to investigate
shoddy paperwork foreclosures. Read more.

9153 Rockrose DR Tampa FL 33647

2012-01-23T15:48:00.000-05:00

We would like to share with you our newest listing; Not a short Sale or Bank Owned. IMMACULATE, SHOWS LIKE A MODEL HOME. This 4 bedroom 2 bath and Den with 2409sf with 2 car garage home is located on an oversized corner lot with scenic pond.... This home has been updated with 20" Diagonally Laid tile in Formal Dining, Kitchen, Family room, spare bathroom and Hallways. Travertine flooring in Master Bath, with new vanity with dual sinks, granite and new faucets, frameless glass shower enclosure with bench seat also boasts natural stone tile. The kitchen will impress any buyer with Granite counter tops, tile backsplash, Stainless Steel Appliances, Center Island with room for 3 chairs makes for a nice eat in space in the kitchen, the breakfast bar is extended so that you can actually use. Kitchen has a Walk in Pantry, Dry Bar with wine rack, new wood cabinets, and two ceiling fans. Fireplace in family room with natural stone tile accented with mirror above. The family room also boasts custom built in entertainment center that can hold up to a 65" Television. Plantation Shudders accent windows and slider in main living areas. Watch the Sunsets over the small pond on your covered screen lanai with brick pavers. Home has new AC installed in January 2012. Seller agrees to replace roof with an acceptable offer. Cross Creek offer a low annual HOA, no CDD, close to shopping, Dining and Interstate. You will not be disappointed in viewing this beautiful home.For a Virtual Walk Through Tour please use the following link: http://youtu.be/OUIrxV49BSQIf you would like more information or to schedule a private showing please call us at 813-300-7116. Nick & Cindy Davis

FHA to limit seller help at closing

2012-01-23T15:34:00.000-05:00

WASHINGTON – Jan. 23, 2012 – Acting Federal Housing Administration (FHA) Commissioner Carol J. Galante announced the latest in a series of steps designed to strengthen FHA’s Mutual Mortgage Insurance Fund. FHA issued a final rule governing its lenders and announced a new rule, which it has not yet published, to “reduce the maximum allowable seller concession from its current level to one more in line with industry norms.”Under current law, a seller may contribute 6 percent toward the buyer’s closing costs, which include prepaid expenses, discount points and other financing concessions. FHA previously proposed a lower rate in July 2010 and says its soon-to-be-released rule proposal will be based, in part, on comments received following that recommendation. The new proposal will also have a 30-day comment period once published in the Federal Register. FHA says a final rule will become effective after all comments are analyzed.Any rule change remains controversial. If a seller cannot contribute more than 3 percent or 4 percent to closing costs, a buyer must bring more money to the table. The change could impact a housing market still finding its feet after the recent meltdown.FHA, however, says the change is needed to keep FHA funding viable. According to FHA, the 6 percent cap creates “incentives to inflate appraised value.”Lender requirementsThe tighter lender rules call for FHA-approved banks, which insure more than 80 percent of all FHA forward mortgage loans, to meet stricter performance standards.HUD may require indemnification for ‘serious and material’ violations of FHA origination requirements. A lender must also show a low delinquency rate. FHA says it will monitor lender performance on an ongoing basis.The new lender rules have been published by HUD and are available online.© 2012 Florida Realtors®

Typo involving 80¢ nearly cost man his home

2012-01-17T15:23:00.001-05:00

When banks deal with short sales and foreclosures, every detail counts; tiny
mistakes can turn success into failure. Read more.

Federal judge OKs Chinese drywall deal

2012-01-11T14:13:00.001-05:00

The approval is preliminary. Judge also sets a June "fairness hearing" on
the proposed class-action settlement. Read more.

Strategic default’ poses ethical question

2012-01-10T14:31:00.000-05:00

Survey: In 2010, about 30% of mortgage defaults were by owners who could afford to make
payments, up from 22% in 2009. Read more.

on 30-year mortgage down to record 3.91%

2012-01-06T14:04:00.001-05:00

Freddie Mac: A new year, another record-low mortgage rate that ties an all-time low set
two weeks ago. Read more.

How consumer financial watchdog will expand powers

2012-01-05T14:45:00.000-05:00

Pres. Obama appointed Richard Cordray to new Consumer Financial Protection Bureau,
which was created to rein in abuse. Read more.

How long will low mortgage rates last?

2012-01-04T19:22:00.001-05:00

Many experts think it unlikely that today's record-low mortgage rates will hang
around more than a few months. Read more.

Buyers vs. sellers on home prices

2012-01-03T15:04:00.000-05:00

MBA:
Buyers feel good and say it's time to buy, but sellers' outlook hits record low
as many refuse to cut asking price. Read more.

Florida Realtors top 10 stories in 2011

2011-12-22T12:25:00.000-05:00

1. Once-in-a-generation time to buy. Who’s in?Most renters want to buy a home: 72 percent consider homeownership a good financial decision, and 64 percent believe the time is right, according to the National Association of Realtors® 2011 Housing Pulse survey. Mortgage rates hit a record low of 3.94 percent this year, homes sold for a fraction of their value five years ago, and excess inventory provided every buyer with a range of options. In some cities, homeownership became cheaper than renting. But job insecurities made buyers nervous to commit. Those who did found it difficult to get financing despite stellar credit scores. As a result, 2011 saw a real estate market with great deals, yet fewer buyers than needed. In 10 years, however, many Americans may look back on 2011 as the best time in a generation to invest in real estate.2. The economy rebounded, sorta, kinda, a littleThe Florida economy remained sluggish as unemployment rates stayed uncomfortably high and home sales stayed uncomfortably low; but, across the board, the state showed signs of recovery, with almost every economic indicator suggesting brighter days ahead. Home sales edged higher most months; selling prices held their own and, in a few cases, median selling prices rose. Floridians’ consumer confidence also rose toward the end of the year after bobbing around for most of the summer. Employment followed, and while the state has a long way to go to hit “normal,” it reached a 2011 level of “better than last year.”3. Commercial market leaves “dire” for “not as bad”Florida investors increasingly want to buy office, retail and industrial properties, says Cynthia Shelton, Florida Realtors’ 2009 president and a director at Colliers International in Orlando. Vacancy rates, while high, have stabilized, along with rental rates. Core assets (essential to businesses) are selling and lenders – including the life insurance companies – are lending again. Banks are more realistic about prices for distressed properties, and 2012 should see the entry of more commercial tenants. “With modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year,” adds Lawrence Yun, NAR chief economist.4. Florida Legislature: We got Amendment 4 and scrapped the capFlorida Realtors had a number of victories in the 2011 Florida Legislature, but none as important as a constitutional amendment voters will consider in November 2012, and none so hard-fought as a law to “scrap the cap” on Florida’s affordable housing trust funds. Amendment 4, if approved by Florida voters, will create a property tax increase cap of 5 percent each year on non-homestead real estate, down from the current 10 percent cap. It will also give some first-time homebuyers a property tax break that decreases over time. In 2012, Florida Realtors will roll out its “Yes on 4” campaign. In the “scrap the cap” victory, the Florida Legislature agreed to allow all doc stamps earmarked for the affordable housing Sadowski Trust Fund to actually go into the fund.5. Fasten your seatbelts. Property insurance is a bumpy ride.Lawmakers wrestled with a question that has been around for years: Should property insurance be affordable or available? If affordable, a major storm could bankrupt the state. If widely available, the cost could drive buyers away and hurt current homeowners. Citizens Property Insurance, the state-owned insurer, sits squarely in the middle of the debate since it covers most of the high-risk properties and, should a major storm hit, would force all Floridians to help pay for damages. To attract private insurers to the state and cut down on the number of owners under Citizens, Gov. Scott and lawmakers made changes. Sinkhole coverage became optional and much more expensive. Citizens dropped about 7,500 coastal homes in early December, and policy costs and rules are set to become even stricter in 2012. The uneasy balance between affordable or available insurance shifted a bit closer to the “available” side.6. Facts at your fingertips: Florida Realtors adds research departmentFlorida Realtors Industry and Data Analysis Department (IDA) opened for business in June 2011. Designed to provide practical information for association members, Chief Economist Dr. John Tuccillo says the department will help Realtors in Florida deal more effectively with increasingly educated consumers. The services provided by IDA include current analyses of Florida’s real estate market and support for Florida Realtors’ public policy efforts in Tallahassee. IDA products are available to all members and can be found on the Research page of floridarealtors.org. “Members are free to pull down and use any information provided by IDA,” says Tuccillo.7. HAMP, HARP, TARP do little for at-risk homeownersFalling home values and risky mortgages caused more Florida owners to face foreclosure. The government created, and modified, a number of programs slated to help owners keep their homes, but most applied only to about half of those in trouble – owners who had mortgages held by Fannie Mae or Freddie Mac. Even then, however the carrots held out by HAMP, HARP, TARP and others didn’t entice lenders that feared principal cuts and long-term changes. The issue led to some strategic defaults – foreclosures where investors could afford to pay but walked away as a financial decision – court backups, and a system that allowed some non-paying owners to live in a home for over two years before authorities finally foreclosed. Analysts expect the problem to improve but continue in 2012.8. Should we slow the recovery to avoid another crisis?U.S. regulators have conflicting goals: Speed the recovery but, at the same time, take steps to make sure it never happens again. Unfortunately, it hasn’t figured out how to do both. While the federal government has tried to spark home sales through a number of programs (see No. 7 above), it has also created obstacles to homeownership by boosting mortgage rules, tightening appraisal standards and restricting the amount homeowners can deduct from federal taxes. A key concern of Realtors heading into 2012 is the qualified residential mortgage (QRM) rule – a minimum standard that mortgage loans must meet before Fannie Mae or Freddie Mac will consider buying them. Some lawmakers have suggested a 20 percent downpayment, a high standard that will force many buyers to wait years before they can afford homeownership. The discussion will continue in 2012.9. Social networking goes from ‘cutting edge’ to ‘must do’New technology no longer surprises Realtors, who have been inundated with “cutting edge solutions” that now allow them to post videos, track complete transactions stored in a “cloud,” sign contracts without actually signing anything and politely ask their phone to look up information. Social networking was once the realm of early-adopters, and Realtors sold it to clients as “look what I can do for you.” Now, Facebook, Twitter, YouTube, Goggle+ (new in 2011) and other social networking sites are standard in the real estate business. If you’re a Realtor, you have a Facebook page – it’s that simple.10. 2011 Realtors are different than 2005 RealtorsThe skills needed to sell a house have changed. Realtors spend a lot more time talking to banks, trying to find out what’s happening with a client’s short sale; asking what paperwork they needed to file or re-file; and understanding new laws that oversee what they can do – and can’t do – when working with short-sale sellers. Realtors learned to accept disappointment – sales that fell apart at the last minute; appraisals that came in lower than hoped; and clients who wanted a bargain below any reasonable expectations.© 2011 Florida Realtors®

What is a Short Sale?

2011-12-22T11:19:00.001-05:00

As you may know Cindy and I are both Certified Distress Property Experts (CDPE) and Short Sale Foreclosure Resource Certified (SFR) so we wanted to shar this helpful video that describes a short sale. … It pays to have someone who knows the short Sale Process and can assist you in a difficult time. If you or any of your friends or family are thinking of buying or selling a home, please give us a call or email us with their name and address and we’ll follow up with them.

Settlement reached in Gulf Chinese drywall cases

2011-12-16T18:55:00.000-05:00

A Chinese drywall manufacturer has agreed to pay hundreds of millions of dollars to resolve court claims. Read more.

Banks, GSEs spend more money to spruce up REOs

2011-12-15T16:11:00.000-05:00

Vacant, decaying homes decrease neighborhood property values, including other REOs, so banks paying more for rehabs. Read more.

Fla. leads country in mortgage fraud cases

2011-12-14T17:23:00.000-05:00

State kept No. 1 ranking through Sept. in activities such as indictments and guilty pleas in criminal and civil cases. Read more.

NAHB: Flawed appraisals killing more deals

2011-12-12T15:21:00.000-05:00

WASHINGTON – Dec. 12, 2011 – In many recent cases, new homes are being appraised for less than the cost of construction, according to the National Association of Home Builders. Builders are blaming flawed appraisals for holding back the housing market’s recovery, saying that new homes should not be compared to foreclosed homes that have sat vacant and are in disrepair.“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” says NAHB Chairman Bob Nielsen.Sixty percent of builders say they’ve had problems with appraisals coming in below their contract sales price, according to a recent survey by NAHB. One out of three say they’ve had signed sales contracts canceled in the last six months because appraisals were less than the contract sales price.In a separate study by the National Association of Realtors® from June, 16 percent of real estate professionals also reported an increase in deals being canceled mostly due to low appraisals.“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more homeowners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen said in a statement.NAHB is calling on regulators to make major reforms to appraisal practices and oversight to prevent flawed appraisals from continuing to hamper a housing market recovery.© 2011 Florida Realtors®

High court to mull role of bad papers in foreclosures

2011-12-09T15:23:00.000-05:00

Issue: Can a bank still be held accountable for fraudulent docs if it dismisses the foreclosure case when challenged? Read more.

Prices mostly stabilize: Why aren’t we talking about it?

2011-12-07T16:14:00.000-05:00

Barclays: Amazing news that everyone ignores - non-REO sale prices have been stable all year without buyer incentives. Read more.

Revisions on jobs reports offer good news

2011-12-05T15:17:00.000-05:00

If more jobs boost housing demand, the U.S. is on the right track, albeit slowly, with 21 straight months of increases. Read more.

Fannie and Freddie won’t evict over holidays

2011-12-02T20:15:00.000-05:00

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®

New refinance program targets ‘underwater’ owners current on payments

2011-11-30T18:22:00.000-05:00

New version of HARP a possible game changer for homeowners underwater but employed and up-to-date on payments. Read more.

Consumer confidence surges over 15 points

2011-11-29T16:27:00.000-05:00

NEW YORK – Nov. 29, 2011 – The Conference Board Consumer Confidence Index, which declined in October, surged almost 15 points in November.The Index now stands at 56.0, up from 40.9 in October. The Present Situation Index increased 11.2 points to 38.3 from 27.1. The Expectations Index, which gauges attitudes about the economy’s condition six months from now, went up 17.8 points to 67.8 from 50.0.“Confidence has bounced back to levels last seen during the summer (July 2011, 59.2),” says Lynn Franco, Director of The Conference Board Consumer Research Center. “Consumers’ assessment of current conditions finally improved after six months of steady declines. Consumers’ apprehension regarding the short-term outlook for business conditions, jobs and income prospects eased considerably. Consumers appear to be entering the holiday season in better spirits, though overall readings remain historically weak.”Consumers’ appraisal of present-day conditionsThose stating business conditions are “good” increased to 13.3 percent from 11.2 percent, while those stating business conditions are “bad” declined to 38.2 percent from 43.7 percent. Consumers’ appraisal of the labor market was also more upbeat.Those claiming jobs are “plentiful” increased to 5.8 percent from 3.6 percent, while those saying jobs are “hard to get” decreased to 42.1 percent from 46.9 percent.Consumers’ short-term outlookThe Expectation Index, which declined last month, was less negative in November. The proportion of consumers anticipating business conditions to improve over the next six months increased to 13.6 percent from 10.2 percent, while those anticipating business conditions will worsen declined to 15.8 percent from 21.3 percent.Consumers’ outlook for the job market also improved. Those expecting more jobs in the months ahead rose to 12.9 percent from 10.8 percent, while those expecting fewer jobs decreased to 24.1 percent from 27.6 percent. The proportion of consumers anticipating an increase in their incomes rose to 14.9 percent from 11.1 percent.Nielsen, a global provider of information and analytics, conducts the monthly Consumer Confidence Survey based on a probability-design random sample. The cutoff date for the preliminary results was Nov. 15.© 2011 Florida Realtors®

Freddie Mac eases its short sale affidavit

2011-11-28T16:08:00.000-05:00

WASHINGTON – Nov. 28, 2011 – Last week, Freddie Mac amended its policy on mandatory short sale affidavits after the National Association of Realtors® and American Land Title Association (ALTA) had pushed for the change.Freddie Mac originally created the affidavits to prevent fraud. They require the buyer, the seller, the real estate brokers, the escrow/closing agent and any transaction facilitator to certify a number of things, including that the short sale is an arm’s length transaction and that the buyer won’t resell within 120 days unless substantial improvements have been made. However, the affidavits created a significant liability risk for Realtors.“Servicers must start using Freddie Mac’s new affidavits on Jan. 1, 2012, but they’re allowed to start using them immediately,” says Margy Grant, Florida Realtors corporate counsel. “If a servicer tries to use one of the old affidavits this month, it’s legal, but a Realtor may request one of the new affidavits if working on a short sale – or, before signing an old form, ask for an amendment, bearing in mind you may not receive one.”Key changes• The latest version of Freddie Mac’s affidavit includes a new phrase: to “the best of each signatory’s knowledge and belief.” The addition of the “knowledge and belief” standard significantly reduces Realtors’ liability.• The new affidavit still has a sentence that the signer isn’t making “a negligent or intentional misrepresentation.” Only a signatory making a negligent or intentional misrepresentation must indemnify the servicer and Freddie Mac for any loss. No signatory is responsible for the certification of any other signatory.• Although Freddie Mac requires all signatories to sign a single affidavit; the amended policy no longer allows the affidavit to be an addendum to the sales contract. NAR advises Realtors not to sign a document implying they are parties to the sales contract.Freddie Mac announced the change in Freddie Mac Bulletin 2011-23 (Nov. 18, 2011).© 2011 Florida Realtors®

Criminal probe into online mortgage scams widens

2011-11-22T18:41:00.000-05:00

Criminal probe looking into deceptive ads on Bing and Yahoo, used to swindle homeowners trying to avoid foreclosure. Read more.

Foreclosures a legislative concern again

2011-11-18T15:20:00.000-05:00

During next year's session, some lawmakers want to revisit Fla.'s mandatory court involvement in foreclosures. Read more.

Government closes mortgage scams tied to Google

2011-11-17T14:51:00.000-05:00

Dozens of scam artists paid Google to run bogus ads that promised to help desperate homeowners avoid a foreclosure. Read more.

Q&A: Mortgage-refinancing program undergoes changes

2011-11-16T14:22:00.000-05:00

Feds released nitty-gritty details of latest foreclosure refinancing program yesterday; it could help some Fla. owners. Read more.

NAR: Gradual recovery for housing and economy in 2012

2011-11-15T17:55:00.000-05:00

2012 forecast optimistic but reserved; however, NAR will revise 2011 sales downward as it tinkers with methodology. Read more.

Condo sales threatened by loss of FHA backing for loans

2011-11-08T14:24:00.000-05:00

A condo complex must be approved every two years for buyers to get loans - and many complexes could lose approval. Read more.

Average rate on 30-year mortgage falls to 4 percent

2011-11-04T16:33:00.000-04:00

Nearly matches all-time low from a month ago, but low rates haven't spurred increased homebuying as expected. Read more.

More than half of Fla. homeowners in default are 2 years overdue

2011-11-03T14:02:00.000-04:00

LPS Applied Analytics: 56% of Fla.'s home loans in foreclosure are 24 months or more overdue compared to 39% nationwide. Read more.

4M homeowners eligible for foreclosure review

2011-11-02T13:14:00.000-04:00

New process may help a lot of people, but while level of fault is decided independently, banks still control compensation. Read more.

Condo owners might be forced to sell so units can become apartments

2011-10-31T14:46:00.000-04:00

A few apartment-to-condo conversions want to revert back, but that costs underwater owners money and their homes. Read more.

Bargains abound: What are buyers waiting for?

2011-10-28T14:43:00.000-04:00

With low home prices and ultra-low interest rates, the housing market offers "perhaps the best deals of a generation." Read more.

A guide to administration’s new mortgage-refi plan

2011-10-25T15:14:00.000-04:00

Two big questions loom over the latest bid to help troubled homeowners: Will it work? And who will it help? Read more.

Fed HARP program expanded, help more owners

2011-10-24T15:56:00.001-04:00

WASHINGTON – Oct. 24, 2011 – The Federal Housing Finance Agency (FHFA), with Fannie Mae and Freddie Mac, announced a series of changes to the Home Affordable Refinance Program (HARP). FHFA hopes to help more borrowers benefit from a program that refinances home mortgages.“We know that there are many homeowners who are eligible to refinance under HARP, and those are the borrowers we want to reach,” said FHFA Acting Director Edward J. DeMarco. “Building on the industry’s experience with HARP over the last two years, we have identified several changes that will make the program accessible to more borrowers with mortgages owned or guaranteed by (Fannie Mae and Freddie Mac).
Our goal … is to create refinancing opportunities for these borrowers, while reducing risk for Fannie Mae and Freddie Mac and bringing a measure of stability to housing markets.”HARP is the only refinance program that enables borrowers who owe more than their home is worth to take advantage of low interest rates and other refinancing benefits.
The program is offered to borrowers whose loans were sold to Fannie Mae and Freddie Mac on or before May 31, 2009, with current loan-to-value (LTV) ratios above 80 percent.New program enhancements change several aspects of HARP including:• Eliminating certain risk-based fees for borrowers who refinance into shorter-term mortgages, and lowering fees for other borrowers.
• Removing the current 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.
• Waiving certain representations and warranties for lenders that make loans backed by Fannie Mae and Freddie Mac.
• Eliminating a new property appraisal if there is a reliable AVM (automated valuation model) estimate provided by Fannie Mae or Freddie Mac.
• Extending the end date for HARP until Dec. 31, 2013, for loans originally sold on or before May 31, 2009.Mortgage lenders should have more information about the HARP program changes by Nov. 15, 2011.
Since participation isn’t mandatory, implementation schedules will vary.The Federal Housing Finance Agency regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. These government-sponsored enterprises provide more than $5.7 trillion in funding for the U.S. mortgage markets and financial institutions.
© 2011 Florida Realtors®

Are banks getting better on short sales?

2011-10-21T19:17:00.000-04:00

Some sellers say banks are more willing; they close faster and even offer seller incentives to avoid foreclosure process. Read more.

Economic reports may calm fears

2011-10-20T15:07:00.000-04:00

Inflation slows, housing starts rebound and Fed sees some growth, suggesting double-dip recession fears overblown. Read more.

When will REO sales finally reach the peak?

2011-10-19T16:27:00.000-04:00

As REOs move from private banks to government-owned properties, prices should remain stable even as REO sales rise. Read more.

‘Shadow inventory’ of homes could slow recovery

2011-10-17T14:49:00.000-04:00

Miami Herald analysis: Several national housing markets have a lot of unlisted homes that could enter the market soon. Read more.

FICO helps mortgage servicers combat strategic defaults

2011-10-12T14:35:00.000-04:00

FICO helps mortgage servicers combat strategic defaults

30% of buyers denied or give up on mortgage

2011-10-10T14:51:00.000-04:00

30% of buyers denied or give up on mortgage

More military can take advantage of HAFA

2011-10-03T15:27:00.000-04:00

More military can take advantage of HAFA

Scam dupes homeowners into false loan audits

2011-09-30T09:29:00.000-04:00

Another reason to hire a professional who can assist with the short sale process...
Scam dupes homeowners into false loan audits

Orlando Sentinel columnist Beth Kassab: Rentals market back on track

2011-09-28T14:42:00.000-04:00

Orlando Sentinel columnist Beth Kassab: Rentals market back on track

Home listing prices rising in Florida

2011-09-26T16:54:00.000-04:00

Home listing prices rising in Florida

Mortgae Rates

2011-09-23T14:40:00.000-04:00

Unbelievable rates!

2011 tax credits available for ‘green’ updates

2011-09-19T15:05:00.000-04:00

2011 tax credits available for ‘green’ updates

NAR: Increased lending and easier short sales will reduce REOs

2011-09-16T14:29:00.000-04:00

NAR: Increased lending and easier short sales will reduce REOs

Tight standards make mortgages tough to get

2011-09-15T15:04:00.000-04:00

Tight standards make mortgages tough to get

Low appraisal killing a deal? Here’s what to do

2011-09-13T15:46:00.000-04:00

Low appraisal killing a deal? Here’s what to do

Luxury home foreclosures a deal for well-heeled

2011-09-08T14:31:00.000-04:00

Luxury home foreclosures a deal for well-heeled

Buyers of high-priced homes in a bind

2011-09-07T14:39:00.000-04:00

Buyers of high-priced homes in a bind

Banks said to balk at ‘robo-signing’ offer

2011-09-06T16:29:00.000-04:00

Banks said to balk at ‘robo-signing’ offer

Foreclosed homeowners take out revenge on properties

2011-09-02T14:18:00.000-04:00

Foreclosed homeowners take out revenge on properties

More people losing property for late tax payments

2011-08-31T14:26:00.000-04:00

More people losing property for late tax payments

Evicted homeowners seek revenge by trashing homes | TBO.com

2011-08-30T09:19:00.000-04:00

Evicted homeowners seek revenge by trashing homes TBO.com

Number of short sales on the rise

2011-08-29T14:34:00.000-04:00

Number of short sales on the rise

White House weighs mass refinancing plan

2011-08-26T15:23:00.000-04:00

White House weighs mass refinancing plan

2011-08-25T16:28:00.000-04:00

Foreclosure tempts homeowners to vandalize their homes

2011-08-24T19:35:00.000-04:00

Foreclosure tempts homeowners to vandalize their homes: People angry about losing their homes to foreclosure are increasingly taking their frustrations out on the house, which becomes a big problem for realtors trying to sell these places. 8 On Your Side'

The basic steps of foreclosure

2011-08-24T14:13:00.000-04:00

The basic steps of foreclosure

Fannie Mae fire sales dilute regional home values

2011-08-22T17:48:00.000-04:00

Fannie Mae fire sales dilute regional home values

Rate on 30-year mortgage falls to lowest on record

2011-08-19T15:15:00.000-04:00

Rate on 30-year mortgage falls to lowest on record

USDA still offers no-downpayment mortgages

2011-08-18T14:25:00.000-04:00

USDA still offers no-downpayment mortgages

Down real estate market looking pretty good

2011-08-17T14:57:00.000-04:00

Down real estate market looking pretty good

Weak appraisals hamper home sales, experts say

2011-08-15T16:37:00.000-04:00

Weak appraisals hamper home sales, experts say

Mortgage rates fall again, 30-year near record low

2011-08-12T16:48:00.000-04:00

Mortgage rates fall again, 30-year near record low

U.S. homes got fewer foreclosure warnings in July

2011-08-11T15:17:00.000-04:00

U.S. homes got fewer foreclosure warnings in July

Fed to keep interest rate near zero for 2 years

2011-08-09T15:49:00.000-04:00

Awesome news!
Fed to keep interest rate near zero for 2 years

Fewer homes for sale, inventories fall sharply

2011-08-05T14:34:00.000-04:00

Fewer homes for sale, inventories fall sharply

State forecasts property value increases

2011-08-04T14:33:00.000-04:00

State forecasts property value increases

NAR: Pending home sales rise in June

2011-07-28T14:07:00.000-04:00

NAR: Pending home sales rise in June

New grant for military first-time home buyers

2011-07-27T14:34:00.000-04:00

New grant for military first-time home buyers

Gov’t in talks to rent out foreclosures

2011-07-25T15:33:00.000-04:00

Gov’t in talks to rent out foreclosures

FTC paying nearly $108M to Countrywide borrowers

2011-07-21T14:52:00.000-04:00

FTC paying nearly $108M to Countrywide borrowers

Housing expected to improve over last year

2011-07-19T15:02:00.000-04:00

Housing expected to improve over last year

Hundreds in Hollywood wait in line for help to save their homes

2011-07-13T14:22:00.000-04:00

Hundreds in Hollywood wait in line for help to save their homes

Unemployed homeowners get more relief

2011-07-08T18:50:00.000-04:00

Unemployed homeowners get more relief

‘Not enough’ done on housing, Obama says

2011-07-07T15:31:00.000-04:00

‘Not enough’ done on housing, Obama says

Borrowers sue over apparent loan mod mishaps

2011-07-05T14:23:00.000-04:00

Borrowers sue over apparent loan mod mishaps

In foreclosure? Get in line.

2011-07-01T15:16:00.000-04:00

In foreclosure? Get in line.

‘Secret’short sale reward in Florida?

2011-06-29T13:52:00.000-04:00

‘Secret’short sale reward in Florida?

How long is the wait to buy after foreclosure?

2011-06-28T14:22:00.000-04:00

How long is the wait to buy after foreclosure?

Fixed mortgage rates flat, hover near yearly low

2011-06-24T13:36:00.000-04:00

Fixed mortgage rates flat, hover near yearly low

All-cash buyers scooping up homes

2011-06-22T15:07:00.000-04:00

All-cash buyers scooping up homes

Reverse mortgage a tricky way to pull money from home

2011-06-21T14:52:00.000-04:00

Reverse mortgage a tricky way to pull money from home

CoreLogic Index shows home price increase

2011-06-02T16:36:00.000-04:00

CoreLogic Index shows home price increase

Two firms to pay for improper military foreclosures

2011-05-27T14:22:00.000-04:00

Two firms to pay for improper military foreclosures

More paying zero taxes

2011-05-24T15:45:00.000-04:00

More paying zero taxes

Americans postpone real estate rebound

2011-05-20T13:54:00.000-04:00

Americans postpone real estate rebound

Property tax break for active duty military

2011-05-17T18:56:00.000-04:00

Property tax break for active duty military

Economy, affordability to drive home sales growth

2011-05-16T14:48:00.000-04:00

Economy, affordability to drive home sales growth

May Item of Value

2011-05-16T10:04:00.002-04:00

Hello!

We hope you are well and enjoying the start of warmer weather, cookouts and Summer fun! As this is the time of year when many families decide to make a move, if you are looking to sell your home now or in the near future in this month's Item of Value you will find great information on how to price your home to get it sold. With the great amount of inventory out there for today's buyers, it's imperative that a home be priced competitively from the beginning and employ a pricing strategy to keep buyers interested.

As always, if we can be of any assistance please don't hesitate to contact us.

Pace of foreclosures slowed further in April

2011-05-12T13:47:00.000-04:00

Pace of foreclosures slowed further in April

Your Home: How to sell your home in tough times - May. 2, 2011

2011-05-03T17:17:00.000-04:00

Your Home: How to sell your home in tough times - May. 2, 2011

Banks rush to revamp foreclosure rules

2011-05-02T14:46:00.000-04:00

Banks rush to revamp foreclosure rules