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real estate: Homeless Grants Awarded Nearly $1.4 Billion - 12/28/09 11:01 PM
The Obama Administration today announced that the U.S. Department of Housing and Urban Development (HUD) is renewing grant funding needed to keep thousands of local homeless assistance programs operating. HUD Secretary Shaun Donovan said a total of nearly $1.4 billion will help an unprecedented 6,445 programs to continue offering critically needed housing and services to homeless persons and families. The grants announced today are being awarded through HUD’s Continuum of Care programs. For the first time ever, HUD is quickly providing renewal grants to local programs to prevent any interruption in federal assistance and will announce funding to new projects in … (0 comments)
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real estate: Loan Resets Projected to Cause Mortgage Crisis in 2010 - 12/15/09 02:04 AM
By: Brittany Dunn As many exotic adjustable rate mortgages (ARMs) are set to recast in 2010, the Consumer Mortgage Audit Center (CMAC) is projecting a mortgage crisis in 2010 as large as the subprime. “We’ve spoken to Florida attorneys who sit at the forefront of the U.S. foreclosure crisis and have learned that 53 percent expect recasting ARMs to present a mortgage crisis as large as subprime and 61 percent expect to work on more loan modifications in 2010 than they did in 2009,” said Sylvia Alayon, VP of operations for CMAC “The New Year is going to hold very rude … (2 comments)
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real estate: Governor Crist Encourages First-Time Home Buyers to Use Federal $8,000 Tax Credit - 04/19/09 10:27 PM
TALLAHASSEE, Fla. /Florida Newswire/ -– Governor Charlie Crist today met with Florida REALTORS® to discuss Florida’s housing market. Governor Crist encouraged first-time home buyers to take advantage of the tax credit made available through the federal American Recovery and Reinvestment Act of 2009. The $8,000 tax credit applies to primary residences as long as they are purchased before December 1, 2009.
“Even though today is Tax Day, first-time Florida home buyers can still claim the tax savings on their 2008 tax return – even if the closing is after today – by requesting an extension or filing an amended return,” Governor … (0 comments)
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real estate: A shadow lurks in the housing market - 04/08/09 10:22 PM
A shadow lurks in the housing market Apr 8, 2009 12:16 PM — Scott Jagow
This is scary. The San Francisco Chronicle reports that lenders are sitting on hundreds of thousands of foreclosed homes that haven’t even been listed yet. If this “shadow inventory” hits the market, we’ll have a new definition of bottomless pit.
From the article:
“We believe there are in the neighborhood of 600,000 properties nationwide that banks have repossessed but not put on the market,” said Rick Sharga, vice president of RealtyTrac, which compiles nationwide statistics on foreclosures. “California probably represents 80,000 of those homes. It … (2 comments)
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real estate: CREDIT REPAIR - Closing more deals with the right Credit Repair Company - 03/14/09 12:11 AM
As many of you know Credit Repair Companies are a dime a dozen. Most of the credit repair companies I have come in contact with charge around $500 or some sort of monthly fee. From the feedback I have received, most of them are not very good.
In an effort to find a VERY GOOD credit repair company I started researching them and met with several. 1 or 2 seemed to be very good but charged an arm and a leg. I finally found one that was not only superb but were also reasonable in their pricing. In addition, they have … (1 comments)
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real estate: Homeowners' rallying cry: Produce the note - 02/28/09 12:48 AM
By MITCH STACY – Feb 17, 2009
ZEPHYRHILLS, Fla. (AP) — Kathy Lovelace lost her job and was about to lose her house, too. But then she made a seemingly simple request of the bank: Show me the original mortgage paperwork.
And just like that, the foreclosure proceedings came to a standstill.
Lovelace and other homeowners around the country are managing to stave off foreclosure by employing a strategy that goes to the heart of the whole nationwide mess.
During the real estate frenzy of the past decade, mortgages were sold and resold, bundled into securities and peddled to investors. In … (6 comments)
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real estate: Even Once-Strong Housing Markets Stumble - 01/31/09 07:43 PM
Formerly resilient areas like Charlotte, N.C., and Boston are struggling, according to the latest S&P/Case-Shiller Home Price Index
Home prices in 20 major metro areas nationwide fell 18.2% in November -- a record annual pace -- as the deteriorating economy pulled down previously resilient markets, according to the S&P/Case-Shiller Home Price Index released Jan. 27.
All 20 metro areas in the index saw annual price declines, 14 of which were double-digit drops and 11 of which fell by record rates. Only Denver and Dallas experienced a drop of less than 5%.
The index, which is a three-month moving average ending … (1 comments)
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real estate: Foreclosure crisis: The $4 billion fix - 01/08/09 09:47 PM
Washington will give funds to states and cities to rehab houses. Proponents say it will help stabilize neighborhoods, but others say it's too little to do much good. By Tami Luhby, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) -- City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.
Opponents of the measure say the paltry sum won't do much good considering the number of vacant homes on the market - one million families are expected to lose their homes this year - … (0 comments)
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real estate: America Has No Means to Recover from a Depression - 12/11/08 09:21 PM
by Dustin Ensinger
Speaking in front of members of Congress on Tuesday, economist Peter Morici, a professor at the University of Maryland, said the job loss experienced in November "was much worse than was expected ... The threat of a widespread depression is now real and present."
Many economic observers have justifiably stated that the U.S. is in the midst of the greatest recession facing the nation since the Great Depression. On Monday, the National Bureau of Economic Research finally acknowledged what most of Americans have known for some time: that the U.S. is officially in a deep and painful recession. … (2 comments)
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real estate: More Great Quotes - 12/11/08 09:02 PM
Sooner or later, those who win are those who think they can. Paul Tournier
Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage. Niccolo Machiavelli
There's always the motivation of wanting to win. Everybody has that. But a champion needs, in his attitude, a motivation above and beyond winning. Pat Riley
An investment in knowledge pays the best interest. Benjamin Franklin
Are you bored with life? Then throw yourself into some work you believe in with all … (0 comments)
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real estate: A spark of life for real estate - 12/09/08 10:55 AM
Falling mortgage rates may provide the flicker of interest for those looking to buy into the stagnant housing market. And rates might dip lower.
By Kirsten Valle and Nancy Stancillkvalle@charlotteobserver.com, nstancill@charlotteobserver.com
In a development cheered by mortgage brokers, interest rates have dipped to their lowest levels in years, providing what some say is a glimmer of hope in this dismal housing market.
Brokers across Charlotte have seen a spike in business since Nov. 25, when the Federal Reserve announced plans to buy up to $600 billion in toxic mortgage assets.
The move prompted interest rates to fall - to around 5.5 … (0 comments)
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real estate: South Florida Houses Take Longer Than Anywhere Else in the Country to Sell - 08/08/08 11:42 AM
Houses in Palm Beach, Broward and Miami-Dade counties take 156 days to sell on average, longer than anywhere else in the country. That's according to a report released this week on July sales by two national real estate firms. Inundated with homes for sale, the tri-county region has topped the survey results since Altos Research and Real IQ started it last September.
South Florida's days-on-market barometer has increased to 154 in June from 152 in May, even though the number of houses for sale has declined slightly over the same period. There were 48,362 for sale in July, down from 48,662 … (0 comments)
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real estate: Foreclosure Capital Hit With Wildfires - 06/10/08 05:34 PM
Stockton, California has the highest foreclosure rates per capita of any city in the United States. As if that weren't enough, four wildfires destroyed 7 houses, 20 condominium units and a small apartment building today.Two firefighters suffered minor injuries battling the blaze. The number of people displaced is unknown at this time.
… (0 comments)
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real estate: May Foreclosure Report for Broward County - 06/06/08 11:47 AM
In May of 2007 there were 1299 foreclosure actions filed. This May, the court reported that 3090 foreclosure actions filed.
Miami Dade county to the south and Palm Beach county to the north were reporting similar numbers.
Saint Lucie County is being hit harder than most counties in the state.
With all these foreclosures, the real estate market is being flooded with inventory that is driving down real estate prices by the week. According to one Realtor, "50 to 75 per cent of the houses I show are short sales or foreclosures." "These type of properties are in low end housing … (0 comments)
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Jason Donn
Davie,
FL
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