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foreclosure: High-Water Mark for Foreclosures - 10/16/09 12:04 PM
Foreclosures are at an ALL-TIME HIGH. In the 3rd quarter of this year 937,84 homes received a foreclosure letter. How do you put this in perspective? Well, that means that 1 in every 136 homes were in foreclosure. That's a 5% increase from the 2nd quarter. It's also a whopping 24% leap from this point in 2008! These numbers represent the worst 3 month stretch in terms of foreclosures ever. The foreclosure toll this year is reported to be 623,852 & climbing. Perhaps with these numbers on the rise, banks will begin being more cooperative with short-sales? Wouldn't that be rational? … (2 comments)
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foreclosure: Foreclosure Report - June 2009 - 07/17/09 04:57 PM
It appears that the wave of foreclosures is still building. Nationwide, there were 1.5 million foreclosures in the first half of 2009 alone. This represents an increase of 15% from last year. Foreclosure filings increased an astounding 33% in June from the year prior. Nevada is still the clear leader in foreclosures. Their foreclosure rate for the first half of 2009 was well over 6%. Rounding out the top 5 were Arizona, Florida, California, and finally Utah.
Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!
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foreclosure: Foreclosure Property Search Made Easy - 06/12/09 10:56 AM
When real estate is discussed nowadays, it seems as if the topics foreclosures & short sales are never far behind. Government and Bank-owned foreclosures offer tremendous home-buying opportunities for investors of all types. These foreclosures are called REO (Real Estate Owned) properties. These distress sales have the savvy investors licking their chops as property values are once again affordable, & instant equity is attainable on a large scale. Now the only challenge investors have is actually finding & identifying great values underneath the mountains of available homes for sale. Well, if you are searching for homes in Central Florida, a new … (0 comments)
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foreclosure: Foreclosures in May 2009 - 06/12/09 10:54 AM
Foreclosure filings dip for the month of May. RealtyTrac, a national leader of foreclosure data, announced that filings fell over 6% from April to May. Although a total of 321,480 properties received default notifications, which represents am 18% increase from a year ago, it is the smallest annual gain since mid-2006. There is a silver lining! Florida is still in the Top 3 nationally in foreclosures. Nevada has the most, followed by California. To put it in perspective, on average there is 1 foreclosure per 398 households nationally. In Nevada, that number is 1 in 64. That is 6 times the national … (0 comments)
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foreclosure: Foreclosures jump in April 2009 - 05/13/09 05:07 PM
April was a huge month for foreclosures. RealtyTrac, an internet foreclosure marketing website, reported that 1 in every 374 homes in the United States received foreclosure filings in April. Foreclosures spiked an overwhelming 32% in April. An astounding 10 states accounted for 75% of all the foreclosure activity. What is your foreclosure top 10?
1. California with nearly 100,000 filings.
2. Florida
3. Nevada
4. Arizona
5. Illinois
6. Ohio
7. Michigan
8. Georgia
9. Texas
10. Virginia
Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!
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foreclosure: Foreclosure Search - 03/10/09 09:46 AM
Like searching the web for new property listings? Statistics indicate you are a part of a growing segment of consumers that make their initial property research online. Recent studies indicate that 97% of buyers search for real estate information on the internet first! That's even before they contact a licensed professional REALTOR for assistance. Well here at gatearty.com, we have added a new feature that we are very excited about. With the overwhelming influx of foreclosures in today's market, there is increased demand for information on new foreclosures. Now you can find them! With our MAP SEARCH feature, you can specifically identify … (2 comments)
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foreclosure: Foreclosures up Again - 10/23/08 10:50 AM
RealtyTrac announced today that foreclosure filings were up 71% nationwide, in the third quarter over the same period last year. Astoundingly, approximately 766,000 homeowners had a sheriff show up at the door and with a foreclosure complaint in hand! Six states made up for nearly 60% of the list: Arizona, California, Florida, Michigan, Ohio, and Nevada. Most respected experts believe that this trend will continue well into 2010 as the market absorbs the inventory that is just now coming online.
Don't forget to visit Central Florida's premier real estate website at www.GateArty.com for all your real estate needs!
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foreclosure: Real Estate Foreclosure Opportunities - 09/04/08 08:04 PM
A turbulent real estate market has presented opportunity for local investors. Polk County has never had as many real estate foreclosures as our present day market. In June alone there were 815 foreclosures. In June of 2007, there were only 381 filings . . . a whopping 114% increase! In all of 2007, there were 5132 foreclosures. Thru June there have already been 4,481.
So what of this opportunity? Buyers, specifically investors, have a treasure trove of real estate inventory to select from. Banks are not in the business of owning real estate. Once a property is foreclosed & in their … (0 comments)
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foreclosure: Market Update - July Real Estate Sales - 09/04/08 03:56 PM
The MidFlorida MLS reports that the Lakeland Association of Realtors closed 164 homes & the East Polk board reported 120 sales in June. Overall there were 284 homes sold in Polk, up from 282 homes last month. A year ago in June 2007 there were 275 homes sold, so the news should be reported that Polk sales are up from last year!
The average list price in Lakeland decreased to $180,303 from $183,672 last month, and the average sales price decreased to $169,351 from $171,773 last month. The average days on the market increased to 134 from 124 last month. In … (0 comments)
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foreclosure: Foreclosure vs. Short Sale - 09/04/08 03:54 PM
What follows is a brief synopsis of the differences between a FORECLOSURE and a SHORT SALE and their affects on certain issues.
Fannie Mae Loan: A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. Homeowners who successfully negotiate & close a short sale will be eligible for A Fannie Mae backed mortgage after only 2 years. For investors that allow a property to go to foreclosure, a Fannie Mae backed investment mortgage will be unattainable for 7 years!
On any future 1003 application, a prospective borrower will have … (0 comments)
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foreclosure: Debt Forgiveness - 04/11/08 04:35 PM
In my last post, I described the short sale process. Some have expressed concerns about the effect the resulting debt-forgiveness of a short sale has on your tax situation. In prior years, any form of debt-forgiveness on a mortgage was considered earned income. Now, however, the Mortgage Forgiveness Debt Relief Act of 2007 allows a 3-year window for homeowners to refinance their mortgage with no tax penalty on any debt relief that is received. This act will increase the incentive for borrowers & lenders to work together to refinance loans , and realtors to negotiate short sales to avoid foreclosure. This act only applies to principal (homestead) property.
Click here for more information on the Mortgage Forgiveness … (0 comments)
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foreclosure: What is a short sale? - 04/08/08 08:15 PM
A "short sale" or "pre-foreclosure" occurs when a bank (or lien-holder) agrees to accept a discounted pay-off of a mortgage. In other words, the bank(s) will release the lien(s) that is secured on the real estate, upon receipt of LESS money than is actually owed. Why would any bank accept less than what is owed? Well, it must make financial sense for this to occur. Here's a scenario . . .assuming there is an offer, of course!
First off, the mortgage(s) in question is typically in some stage of default. The bank, faced with a mortgage that is not being paid, must … (0 comments)
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Gate Arty - Lakeland Florida Real Estate
Lakeland,
FL
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Gate Arty & the Group - Keller Williams Realty
Address: 218 East Pine Street, Lakeland, FL, 33801
Office Phone: (863) 680-9988
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