In our quest and belief of paying it forward we found out about this wonderful FREE service that we had to share! If you know any woman who is currently undergoing Chemo, please pass this on to her or her loved ones.

There is a cleaning service that provides FREE housecleaning - 1 time per month for 4 months while she is in treatment.

All she has to do is sign up and have her doctor fax a note confirming the treatment. The organization, Cleaning for a Reason will have a participating maid service in her zip code area arrange for the service. http://www.cleaningforareason.org/

Please do your part, and pass this information on to anyone you know who is currently undergoing Chemo treatment. 　This organization serves the entire USA and currently has 547 partners to help these women. We're sure that there is someone who does not know of, and can benefit from this service. We need to let them know that people do care, and are willing to help them through this difficult time.　Be a blessing to someone and pass this information along.

The US Treasury has announced that it is setting a guidance plan to simplify short sales - huge news for our market! They are implementing "The Home Affordable Foreclosure Alternatives Program", which is going to provide financial incentives and simplify the procedure for closing short sales. This program is going to address barriers that often sideline short sales by setting limits on the time it takes a bank to approve an offer, which will free borrowers from debt and cap claims of subordinate lenders.

These incentives were first announced in May, however the program has stepped up the pressure on mortgage companies to make permanent the 650,000 trial modifications that they have started - you can see more information on what is going on with the mortgage companies here.

Short sales have long been frustrating for both agents and buyers alike, since they are constantly having to "wait" as the mortgage companies and lien holders are going through their negotiation processes. And, more than likely, many home sales have fallen through because of that waiting. Thanks to the US Treasury, this program will cease many of those barriers, and it should simplify the entire process!

But wait, there is more. There are financial incentives as well! Financial incentives for completing short sales or similar deed-in-lieu transactions -- in which the deed is simply transferred to the lender -- include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would also receive $1,500 in relocation expenses. In the past short sales would not allow any monies to go to the seller.

Some important points about this new program are:

1. Mortgage servicers will have 10 days to approve or disapprove a short sale, and when done, the transaction must fully release the borrower from having any debt. There will be no-recourse to go after the debt at a later date.

2. This is also going to prohibit mortgage servicing companies from reducing real estate commissions on the sale, which as we all know has been a practice used far too often.

Second lien holders, such as Bank of America, JPMorgan Chase, Wells Fargo, and Citigroup will be able to proceed with a short sale outside of the program if they feel the cap is too low.

If you need help, and would like to discuss your foreclosure or short sale options, please contact the Tello Team at 954-237-0608 or email us at shortsale@telloteam.com. You can also check out our website at www.shortsalesoldnow.com. We're here for you, and will help you decide the right option for your needs!

Miami-Dade County is seeing a significant increase in sales, particularly condominium sales, within the last 8 months.  In the month of November, condominium sales rose .71%, while single-family home sales dropped 1.1%. Buyers are taking advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from according to the Realtor Association of Greater Miami and the Beaches (RAMB) and the Southeast Florida Multiple Listing Service.  This coupled with increasing closed sales each of the last 15 months is indicative of a stabilizing and constantly improving market. The total number of sales in this market rose significantly, a 46% increase for pending sales from March 2009 to November 2009.

"A 46 percent increase in pending sales  over this extended period  is an important indication of the strength of the South Florida market, which is heavily impacted by first-time, vacation, second home, and international buyers," said Rick Burch, RAMB Chairman of the Board.  "The Miami market is one of the first nationally to make such an impressive turnaround and is expected to outperform most other U.S. real estate markets.  As the top spot in the U.S. for international real estate purchases, Miami is a world-class city with affordable options for all types of global buyers, who are taking advantage of current market opportunities."

Broward County has also seen an increase in both single-family home pending sales, as well as pending sales for condominiums. Single-family home pending sales have rose 34.2% within the last 8 months, while condominium pending sales have shown an increase in the last 8 months of 68.7%. The total number of sales in the market for Broward County rose significantly as well - a 50.6% increase for pending sales from March 2009 to November 2009.

The final rule updates the FDIC's deposit insurance regulations and related examples to reflect a law signed in May 2009 extending the temporary increase in the SMDIA to $250,000 through December 31, 2013.

Ten of Broward's High Schools were recently recognized as being amongst the best in the country. 

 Newsweek highlighted the schools as being in the top 6% of all public High Schools in the Country.  The 10 schools that made the list were Flanagan High in Pembroke Pines, Plantation Senior High, Cooper City, Miramar, Nova, Fort. Lauderdale, Stranahan, Marjory Stoneman Douglas, Cypress Bay, and J.P. Taravella.   The schools are ranked based on the number of advanced placement exams taken by students, compared to the number of graduates. 

Miami-Dade Pending Real Estate Sales Increase 13 Percent in Two Months

South Florida Data Continues to Point to Local Market Turnaround

Miami, FL - Pending home sales increased nearly 13 percent in just two months, from 6,390 in May 2009 to 7,197 in July 2009 in Miami-Dade County as more buyers continue to take advantage of improved affordability conditions and the first-time home buyer tax credit according to the Realtor Association of Greater Miami and the Beaches (RAMB).  All of the latest market data is evidence that the South Florida real estate market has reached bottom and began recovery.

According to the Southeast Florida Multiple Listing Service, Miami-Dade pending sales of single-family homes rose 4.95 percent to 3,599 in one month up from 3,429 in June 2009.  Pending sales of condominiums increased 7.98 percent, from 3,332 to 3,598 during the same time period.  The total number of pending sales, including both single-family homes and condominiums, were 7,197, up 6.5 percent in July 2009 compared to June 2009.

In Broward County pending home sales increased by 14.22 in two months, from 5,465 in May 2009 to 6,242 in July 2009.  Pending sales of single-family homes rose 5.16 percent in July 2009 from the previous month, from 2,987 to 3,141.  Pending sales of condominiums in Broward County rose 9.22 percent from 2,839 to 3,101.  The total number of pending home sales, including both condominiums and single-family homes, in Broward County increased by 7.14 percent in July 2009 from the previous month.

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.  Increased pending sales are an indication of increased future sales, and in the current market, are signs that the South Florida Market is on its way back up.

by Kenneth R. Harney

When the Case-Shiller index reports that home prices have reversed course and are finally rising again, and you know that Case-Shiller has been the gloomiest, scariest-headline-producing monitor of the real estate market for the past three years -- some say: We have truly turned the corner here.

Not only are home sales up, new housing starts up, new permits up, but now the last of the doomsayers say that home prices are moving up.

For the month of June, in fact, the Standard&Poor's Case-Shiller index found prices up in 14 of the 20 major markets it covers -- and up nationally by one half of one percent.

That's the first monthly gain in the heavily publicized Case-Shiller index in three years!

Other indexes that get less attention on the evening news began trending more positive a few months earlier, such as the federal government's "FHFA" index.

But the Case-Shiller news, late though it was, should send a loud message to consumers: We're past the low point of the cycle on prices: If you were waiting to buy at the bottom, well - we've passed that point.

So don't sit on the sidelines if you're serious about buying a house this year.

Case-Shiller found prices in Cleveland up 4 percent for the month, Dallas up by close to 2 percent, San Francisco, Washington DC and Chicago up by a percent or more.

But the bottoming out on prices is hardly the only sign of the housing recovery underway:

 

• New home building is beginning again even in the hardest-hit markets. In California, June bullding permits soared by 17 percent over May. In the high-cost San Francisco area they were up by 20 percent.

   

• In Florida, sales of existing homes jumped by 28 percent, according to the Florida Association of Realtors. Condo sales were up by an average 37 percent for the month. And despite the foreclosures still weighing down Florida transactions, average prices in June managed to rise by two and a half percent!!

   

• The share of distressed homes as a percentage of total sales is also on the decline -- thirty one percent of sales in June versus 45 to 50 percent earlier this year, according to the National Association of Realtors.

   

• Meanwhile, the mortgage market continues to help sellers and buyers on the affordability front: According to the Mortgage Bankers Association, new applications for loans to buy homes remained steady last week. Thirty year fixed interest rates averaged 5.4 percent, while fifteen year loans went for an average 4.8 percent.

1. Market Area: BROWARD COUNTY

  Current Market Area Conditions:

THERE ARE CURRENTLY:

9481 SINGLE FAMILY PROPERTIES FOR SALE ON THE MLS

1264  SINGLE FAMILY PROPERTIES PENDING SALE IN THE LAST 30 DAYS

1017  SINGLE FAMILY PROPERTIES THAT CLOSED IN THE LAST 30 DAYS

THERE ARE CURRENTLY:

15439 CONDO/TOWNHOMES FOR SALE ON THE MLS

1287  CONDO/TOWNHOMES PENDING SALE IN THE LAST 30 DAYS

971    CONDO/TOWNHOMES THAT CLOSED IN THE LAST 30 DAYS

ACCORDING TO REALTY TRAC THERE ARE CURRENTLY 12,153 BANK OWNED PROPERTIES (NOT ON THE MARKET) IN BROWARD COUNTY AND 23,556 PROPERTIES IN PRE-FORECLOSURE WITH AT LEAST 1 LIS PENDENS FILED.

SINGLE FAMILY HOMES HAVE SEEN A 33% DECLINE IN MEDIAN PRICE YEAR OVER YEAR WITH CONDOS DOWN 46%.  FOR BOTH, SALES WERE UP IN JUNE 35% FOR SINGLE FAMILY AND 58% FOR CONDOS YEAR OVER YEAR. 

THE LOCAL UNEMPLOYMENT RATE IS RISING AND IS RECORDED TO BE                                                                   9.4% FOR BROWARD COUNTY.  

WE ARE STILL SEEING MANY FIRST TIME HOME BUYERS AS WELL AS CASH INVESTORS. 

2.  Market Area: MIAMI DADE COUNTY

Current Market Area Conditions:

THERE ARE CURRENTLY:

10202 SINGLE FAMILY PROPERTIES FOR SALE ON THE MLS

1208  SINGLE FAMILY PROPERTIES PENDING SALE IN THE LAST 30 DAYS

644    SINGLE FAMILY PROPERTIES THAT CLOSED IN THE LAST 30 DAYS

THERE ARE CURRENTLY:

18830 CONDO/TOWNHOMES FOR SALE ON THE MLS

1097  CONDO/TOWNHOMES PENDING SALE IN THE LAST 30 DAYS

638    CONDO/TOWNHOMES THAT CLOSED IN THE LAST 30 DAYS

ACCORDING TO REALTY TRAC THERE ARE CURRENTLY 4,466 BANK OWNED PROPERTIES (NOT ON THE MARKET) IN MIAMI DADE COUNTY AND 14,541 PROPERTIES IN PRE-FORECLOSURE WITH AT LEAST 1 LIS PENDENS FILED.

SINGLE FAMILY HOMES HAVE SEEN A 28% DECLINE IN MEDIAN PRICE YEAR OVER YEAR WITH CONDOS DOWN 49%.  FOR BOTH, SALES WERE UP IN JUNE 54% FOR SINGLE FAMILY AND 19% FOR CONDOS YEAR OVER YEAR. 

PRICING HAS BEEN PRETTY STABLE SINCE APRIL AND WE DO NOT BELIEVE THE MARKET IS CURRENTLY DEPRECIATING ALTHOUGH WE ARE STILL SEEING THE APPRAISERS DEPRECIATING VALUES AT A RATE OF 1-2% PER MTH AREA

THE LOCAL UNEMPLOYMENT RATE IS RISING AND IS RECORDED TO BE                                                                   11.5% FOR MIAMI DADE COUNTY.  

WE ARE SEEING MANY INVESTORS BOTH FOREIGN AND DOMESTIC. 

Additional Comments:  

DUE TO THE LACK OF AVAILABLE INVENTORY IN CERTAIN NEIGHBORHOODS, BUYERS ARE BIDDING AT TIMES WELL ABOVE THE ASKING PRICE WITH HOPES THAT THEY WILL SECURE THE PURCHASE OF THE PROPERTY.   IN SOME CASES THE BUYERS PAY CASH AND THAT IS NOT A PROBLEM, HOWEVER WE ARE FINDING MORE FINANCING BUYERS DOING THIS AND WE ARE THEN SUBJECT TO THE APPRAISERS OPINION OF VALUE

ALTHOUGH THE MARKETS HAVE STABILIZED MOMENTARILY THE EXPECTATION IS THAT WE WILL CONTINUE TO SEE A DECLINE LOCALLY AS MORE REO PROPERTIES ARE RELEASED. (DEPENDING ON HOW FAST AND WHEN THEY ARE RELEASED ON THE MARKETS)  THE LOCAL ECONOMY IS STILL IN A DECLINE IN BOTH COUNTIES.

Great News!!!  The Federal Housing Administration (FHA) rolled out details of its policy on Friday that will let first-time home buyers apply an $8,000 tax credit to fund home purchases.

FHA plan will stimulate new home sales and help stabilize housing market

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. To read the FHA's new mortgagee letter, visit HUD's website.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.

Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. Programs will vary from organization to organization and borrowers should consider whether the services make sense for them, as well as what company offers the most suitable and affordable option.

For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.

Natascha Tello, Broker
Operating Partner
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
Pembroke Pines, FL 33028
954-237-0608

The Making Home Affordable (MHA) Program provided additional details yesterday on its plan to stabilize the US housing market and prevent avoidable foreclosures, and it is good news for short sales. The latest foreclosure alternatives include:
-  A Short Sales/Deeds-In-Lieu Program to Facilitate Foreclosure Alternatives
-  Incentives for servicers to pursue alternatives to foreclosures
-  Borrower incentives to cover relocation expenses to homes that are affordable
-  Streamlined process combining short sales and deed-in-lieu transactions
-  Borrower Eligibility.     Borrowers will be eligible for the Foreclosure Alternative Program if they meet the minimum eligibility criteria for a Home Affordable Modification but did not qualify for a modification or were unable to sustain payments under a trial period plan or a modification.  Prior to proceeding to foreclosure, participating servicers must evaluate each eligible borrower to determine if a short sale is appropriate.   Considerations include: -Property condition -Current Value -Average marketing time in the community where the property is located -Condition of the title including the presence of junior liens and a determination that the net sales proceeds are expected to exceed the investor's recovery through foreclosure Incentive Payments.

-  Servicers may also receive incentive compensation of up to $1,000 for successful completion of a short sale or Deed in Lieu.

-  Borrowers may receive incentive compensation of up to $1,500 to assist with relocation expenses.

-  The US Treasury will also share the cost of paying junior lien holders to release their claims, matching $1 for every $2 paid by the investors, up to a total contribution of $1,000 by Treasury.
       
-  Standardized Documentation: The program will publish streamlined and standardized documentation, including a Short Sale Agreement and an Offer Acceptance Letter. These documents will outline specific marketing terms, describe the rights and responsibilities of all parties and establish clear time frames for performance.  Creating one standard set of documents that the industry can use is expected to minimize the complexity of these transactions and significantly increase use of the short sale option.

-  Property Valuation: The servicer will independently establish both property value and the minimum acceptable net return in accordance with investor guidance and will provide instruction to the borrower regarding the list price and any permissible price reductions.  The price may be determined based on either: (1) an appraisal performed in accordance with USPAP and/or (2) one or more Broker Price Opinions either of which must be dated within 120 days of the Short Sale Agreement.

-  Minimum and Maximum Duration: Under the program, servicers will allow borrowers at least 90 days to market and sell the property, with possibly more time based on local market conditions.  The property must be listed with a licensed realtor experienced in selling properties in the neighborhood.  Marketing of the property may run concurrently with the foreclosure process, however no foreclosure sale can take place during the marketing period specified in the Short Sale Agreement as long as the borrower is acting in good faith to sell the property.  There will be a maximum marketing period of 1 year for the property, provided any longer period not otherwise delay foreclosure sale, to ensure diligence by servicers and borrowers in moving as quickly as possible to complete the short sale and deed-in-lieu process.

-  Selling Commissions and Fees: Reasonable and customary real estate commissions and selling costs that may be deducted from the sales price will be specified in the Short Sale Agreement.  The Servicer will agree not to negotiate a lower sales commission after an offer has been received.

-  Fees and Charges: Servicers may not charge borrowers fees for participation in the Foreclosure Alternative Program.

-  Property Eligibility:  Any junior liens, mortgages or other debts against the property must be cleared for the property to be sold as a short sale or deeded to the servicer.  The servicer can proceed with a short sale or deed-in-lieu if there is a reasonable belief that all liens on the property can be cleared.

-  Program Expiration: Eligible borrowers will be accepted until December 31, 2012.  Program payments will be made upon successful completion of a short sale or DIL.

-  Deed-in-Lieu: At the servicers option, the Short Sale Agreement may include a condition that the borrower agrees to deed the property to the servicer in exchange for a release from the debt if the property does not sell within the time specified in the Agreement or any extension thereof. In this case the borrower would have 30 days to vacate the property and would be entitled to $1,500 to assist with relocation expenses, in addition to any other funds the servicer may provide to the borrower

Regards,

Natascha Tello, Broker
Operating Partner
Keller Williams Realty Partners SW
2000 NW 150th Ave, Suite 2000
Pembroke Pines, FL 33028
954-237-0608

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