South Florida Real Estate Blog - Updates & Realty News

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More than 100,000 homeowners in Broward and Palm Beach counties faced foreclosure last year, up 42 percent from 2008, RealtyTrac Inc. said Thursday.

The outlook for 2010 appears just as grim as residents struggle to make mortgage payments amid job losses and salary cuts.

Broward County had 69,633 borrowers in some stage of foreclosure in 2009, compared with 47,387 in 2008. Broward had Florida's fifth-highest foreclosure rate, at one in every 12 properties.

In Palm Beach County, 30,870 homeowners received a default notice during 2009, compared with 23,399 in 2008. One in every 21 Palm Beach County homes was in some stage of foreclosure.

For the year, Palm Beach, Broward and Miami-Dade counties had the nation's 10th-highest foreclosure rate among metro areas with populations of 200,000 or more.

"There are not any indications that the foreclosure picture will be any different in 2010 than it was in 2009," said Greg McBride, senior financial analyst with Bankrate.com in North Palm Beach. "The unemployment rate doesn't do justice to the number of people working part time instead of full time or those who have been re-employed at a significantly lower rate of pay." complete story

Source: Sun-Sentinel.com - Paul Owners

Stop Foreclosure  Save Your Credit Florida Short Sales

Time to Get Off the Fence 

South Florida MLS - South Florida Foreclosures

More than 97,000 foreclosures were filed in 2009 in Palm Beach, Broward and Miami-Dade counties, according to a Condo Vultures report released this morning.

Earlier last year,Condo Vultures was predicting that foreclosures in the tri-county area would surpass 100,000 in 2009, but that estimate was scaled back following new federal loan modification efforts.

“As projected, the number of foreclosure filings in South Florida failed to eclipse the 100,000 threshold,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures LLC. “The newfound willingness of lenders to suddenly work with borrowers to modify mortgages or approve short sales has undoubtedly had an effect on the number of foreclosure filings in South Florida.”

While foreclosures didn’t surpass the “psychologically significant” 100,000 mark, they did increase 29 percent compared to 2008.

In 2007, just 32,000 foreclosures were filed in the tri-county area.

Palm Beach County saw a 17 percent increase in foreclosure filings in 2009, reaching 28,592 actions.

In 2008, there were 24,449 actions filed against properties in Palm Beach County.

In 2007, just 9,029 foreclosure actions filed in Palm Beach County, according to the report.

Source: PalmBeachPost.com

Stop Foreclosure  Save Your Credit Florida Short Sales

Walk Away From your Mortgage Calculator

IS IT IN MY ECONOMIC INTEREST TO WALK AWAY?   
You decide.  This calculator is just a tool to help.  Numerous variables are involved but the biggest is probably your assessment of the future of housing pricing.  No one can predict future prices, but the conventional wisdoms says that it is probably not realistic to believe that housing prices will increase by more than 4%-8% per year on average.

WHAT WILL HAPPEN IF I WALK AWAY?
It depends on the particulars of your situation.  In many states, including California, in many circumstances the “bank” has no legal or practical recourse against homeowners who stop paying their mortgages except to take their homes through foreclosure and put derogatory entries in their credit reports. 

LOAN MODIFICATION? 
The more it is in your economic interest to walk away, the more the bank should be willing to make a deal with you to get you to stay and pay.  The banks will try to base modification negotiations on what you can afford as opposed to what you should afford. 

SHORT SALE?  A short sale in Florida offers homeowners a way to avoid foreclosure and help save their credit.  We have a team of licensed Orlando Realtors and loss mitigation experts who specialize in pre-foreclosures and the short sale of all types of property.

Walk Away From your Mortgage Calculator

Source: PayOrGO.com

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Massachusetts Real Estate Resources

• Quincy MA Homes for Sale: Quincy Massachusetts Real Estate, Quincy Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Quincy Massachusetts. Search by MBTA and other advanced criteria
• Newton MA Real Estate: Newton Massachusetts Real Estate, Newton Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Newton Massachusetts. Search by MBTA and other advanced criteria
• Worcester MA Real Estate: Worcester Massachusetts Real Estate, Worchester Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Worchester Massachusetts. Search by MBTA and other advanced criteria
• Lowell MA Homes for Sale: Lowell Massachusetts Real Estate, Lowell Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Lowell Massachusetts. Search by MBTA and other advanced criteria
• Quincy MA Real Estate: Quincy Massachusetts Real Estate, Quincy Massachusetts Homes for Sale. Search for Houses, Condos, Condominiums, Multi Families and Townhouses for sale in Quincy Massachusetts. Search by MBTA and other advanced criteria

While the number of foreclosures may be starting to drop both locally and nationally, a new report says 2010 will bring another large drop in property value, especially in South Florida. Combining that with the likelihood many mortgages will become upside down as a result; and it looks like the foreclosure crisis may be far from over.

Moody's Economy.com chief economist Mark Zandi told CNNmoney.com home prices will fall between 5 and 10 percent more in some areas like Miami where Zandi expects home prices to plummet 30 percent in 2010.

Zandi estimated that 2.4 million homes will end up in foreclosure in 2010, according to CNN. As a result, banks will put those properties on the market aggressively in 2010 which will then result in a flood of inventory and a precipitous drop in prices.

In addition, Zandi said two other factors could drive prices down over the next year. Zandi pointed to high unemployment and the possibility of Congress deciding to pull their support from the market prematurely.

The area with one of the largest potential for decline is South Florida. Miami's market is expected to drop 33 percent in 2010, according to Zandi.

Source: CBS4.com

Stop Foreclosure  Save Your Credit Florida Short Sales

When Will This Horror Show Come to an End? -- the title of a recent report by Wachovia Corp. economists -- aptly summarizes what's on many South Floridians' minds these days.

The deep downturn in the housing market, rampant home foreclosures, rising unemployment, collapsing banks -- and especially the credit crunch -- have most people feeling a bit off-balance.

''The situation is unprecedented,'' said David Denslow, an economist at the University of Florida. ``Our ordinary models don't explain what's going on. All those ordinary models aren't working, and now everybody is groping. No one knows what's really salient.''

But this much seems clear: 2009 will be a difficult year.

Here's a sector-by-sector look at how major drivers of the South Florida economy are expected to fare this year:

HOUSING

Falling home prices expected

In many ways, the region's economic woes started a few years ago with the housing boom.

From 2002 to 2006, fueled by low interest rates and easy credit, the median home price in Miami-Dade doubled, from $185,000 to $375,000. Thousands of people found work building huge condo towers and subdivisions, and their prosperity spread throughout the economy.

Then, last year, the dream became a nightmare. Home prices had risen far beyond most people's ability to buy, forcing down demand. Speculators were buying up condos at prices so high that no landlord could make money renting them.

Last year homes prices were back down to 2003 levels, foreclosures began to skyrocket and credit markets slowed and then seized up almost entirely.

Now, most experts think South Florida home and condominium prices will continue to fall in 2009, but probably not as fast as in 2008.

''2008 is probably the worst we will see,'' said Jack Winston, principal at Goodkin Consulting in Miami, ``but we still have a hangover going into 2009 and I don't think we'll start to get rid of that headache until the end of the year.'' complete story

Source: MiamiHerald.com - Scott Andron

Stop Foreclosure  Save Your Credit Florida Short Sales

Walk-Away’s…Financially Smart or Financial Suicide?

Stop Foreclosure  Save Your Credit Florida Short Sales

PAUL KANGAS: Falling home prices have left some 16 million people owing more on their mortgages than their properties are worth. That negative equity situation is called being underwater in the home. And as Stephanie Dhue reports, until home prices stabilize, more mortgage holders will be drowning in debt.

STEPHANIE DHUE, NIGHTLY BUSINESS REPORT CORRESPONDENT: Realtor Tony Arko sees first hand what negative equity does to homeowners. He says for many it has put an end to the idea of moving up.

TONY ARKO, MARKET ADVANTAGE REAL ESTATE: We're also seeing a lot of people who would have normally sell their property holding on to it or renting it out, so now there are a flood of rentals on the marketplace, suppressing the rental market.

DHUE: Renting isn't always an option for owners who are underwater. Some people can't afford to keep making payments, don't qualify for a loan modification and rarely have the cash to make up the loss in a sale. That puts them in a tight spot.

ARKO: Really there's two options, if they have to sell, it's either selling it short or turning the keys over and going to foreclosure. Those are really the only two choices because cutting a check for $100,000 is just not an option.

DHUE: Nationwide, Deutsche Bank predicts more homeowners will be pulled underwater. Twenty seven percent of mortgage holders find themselves in that position now. But that number could climb to nearly half before prices stabilize, which Deutsche Bank expects will happen in 2011. Research director Karen Weaver says distressed properties aren't the only thing dragging prices down. complete story

Source: PBS.org

Stop Foreclosure  Save Your Credit Florida Short Sales

South Florida real estate agents get a chance to see more of the city and surrounding areas than most of the people who live here. It’s a beautiful place to live, and I’m glad to be a part of it. As Thanksgiving nears, and the leaves change color and fall, I get to see a whole other side of this place – which has given me the inspiration for another blog:

Spruce Up Your Home for Fall!

Most, and probably all, South Florida real estate agents will tell you that good curb appeal can make a sale. What they may not realize is that using the seasons can help just as much. Truth be told, it didn’t click with me until I realized Thanksgiving is just around the corner and started thinking about the past.

This time of year always brings a nostalgic touch to the air for me, and many potential homebuyers feel the same way. The holidays have people thinking about hearth and home, family and friends. How can you use the season to sell your house?

Raking – Although many homeowners rake their yard, if your home is up for sale and sitting empty, you may not think about it. Yes, a colorful blanket of leaves on the ground can be beautiful, but to homebuyers it may come across as a lack of care on your part. If you don’t care about the home, why should they? If the home is empty, make sure to drop by and see if the leaves are piling up.

Redecorating – Most homeowners won’t take the time to decorate a home they’re selling, unless they’re still living in it. However, a little fall décor here and there can help bring out that nostalgic feeling in homebuyers. The key is to decorate just enough, and not so much that the homebuyers can’t see their own tastes.

Lastly, talk to us South Florida real estate agents to get other ideas of what you can do to get your home sold. We’ve sold a house or two and love sharing our knowledge. Happy Thanksgiving to you and yours!

It’s that time of year again, when the temperatures fall and the costs of heating your South Florida home go up. Do you worry about the increasing cost of heating oil and the rise in energy prices? Then you may want to try these suggestions for saving on your home’s heating costs:

· Check all your home’s air vents to see that they are clean and free from any blockages. Replace your furnace filters to keep the system running efficiently.

· Weather seal your home. Look around all the door and window frames on your house for obvious gaps and spaces that could let cold air into your house. Fill in the gaps with a silicone caulking, sold at all hardware stores. For high traffic areas like the doorway, you may want to apply a vinyl or metal weather-stripping to help block the cold.

· Set your thermostat lower. Find the lowest setting that will keep you warm and leave it there. Keeping your thermostat at a consistent temperature helps avoid unnecessary energy losses from changing temperatures.

· Keep a sweater handy. Don’t underestimate the savings wearing a sweater around the house could net you. You could lower your heating costs significantly with each degree of difference. Using an extra comforter at night can lower your nighttime heating costs.

· Use a space heater for the rooms you are in the most. A space heater is a good way to keep small areas warm without running up your bill by heating the whole house. When using a space heater, it’s important to follow all the manufacturer's safety guidelines and remember to turn the heater off when you leave the room.

· Add more insulation to your South Florida home. Traditional insulation can be messy and time-consuming to install. You may find that the cost of hiring a professional to spray foam insulation into the walls and attic is worth the energy savings. It may pay for itself after year or two.

You’ll find it’s easy to save money on your South Florida home heating costs when you follow these suggestions.

Want to buy a well-insulated, energy efficient home? I can help. Call us at 407-876-5771 for more information.

The last vestiges of summer have faded away, the leaves are turning into a brilliant array of color and the temperatures are dropping. All this glorious change means the holidays are coming, but it also means it’s time, once again, to look over your South Florida home.

With temperatures dropping and leaves falling, there are plenty of things to add to your “to do” list. Just in case your list is empty, here are a few “to do's” to get you started on your fall South Florida home care:

• Sealing Your Driveway – If you have a blacktop driveway, you probably already know it isn’t going to be smooth forever. The asphalt cracks, the color fades and the asphalt sags to create potholes. As winter rolls around and snow begins to fall, you’ll probably be putting down salt, which will further break down your driveway. Sealing it now, either by hiring a company to do it or sealing it yourself, can help keep your driveway smooth and beautiful.
  
• Winterizing Your Sprinklers – Sprinkler systems do wonders in keeping your lawn green. However, leaving water in the system over the winter can cause a big, expensive mess, especially if the pipes aren’t buried below frost level. If you don’t feel comfortable winterizing the sprinkler system yourself, you can hire a professional for under $500.
  
• Cleaning Gutters and Roofs – Everybody knows that fall brings leaves that fill your gutters and cover your roof. If you haven’t been on the roof of your house lately, now’s the time to do it. You want to make sure all the debris is gone before the snow hits, so the strength of your roof isn’t tested further. For that matter, now is a great time to install gutter guards; you’ll never have to clean your gutters again!

Preparing your South Florida home for the winter can be a tedious process, but the money you’ll save with proper maintenance will put a smile on your face.

If you’re looking for a home to call your own, we can help. Call us at 407-876-5771 for more information.

A new forecast predicts Miami-area home values will plummet another 30 percent by June 2010, the worst price decline among 381 metropolitan areas ranked

While recent evidence shows South Florida's home values have begun to flatten out, a new forecast says prices of single-family homes will take another serious tumble in the year to come.

And, among 381 metropolitan areas ranked nationwide, Miami will be the biggest loser, according to Fiserv, a financial information and analysis firm.

The firm predicts Miami home values will plunge another 29.9 percent by June 2010, on top of price declines of 48 percent since peaking in 2006. Orlando fared second-worse, with values shrinking 27 percent. Prices are forecast to fall another 26 percent in Fort Lauderdale.

Nationwide, Fiserv predicts home values will slide another 11.3 percent

In Miami, that means the median home price would fall to $150,500 by next June and $153,100 in the Fort Lauderdale metro area. The price deductions are calculated from the median price at the end of the second quarter.

The forecast contradicts recent evidence from the highly regarded S&P/Case-Shiller index as well as median price data from the Florida Association of Realtors. Both measures have shown single-family home values mellowing in South Florida. Fiserv bases its forecast on Case-Shiller data, but also other economic variables, including interest rates, demographic trends and labor market conditions.

Jack McCabe, a Deerfield Beach-based real estate analyst, said the Fiserv forecast was unrealistic. He predicts prices will fall another 10 percent to 15 percent regionwide before bottoming out. After that, they will remain flat for two more years, as the effect of a massive number of foreclosures lingers.

McCabe said Case-Shiller data generally lagged other real-time housing indicators available to analysts. He agreed, however, that South Florida's housing woes were not over.

``Distressed properties are going to fuel the inventory pipeline through 2010,'' McCabe said.

``Because they are distressed, they are going to have the lowest asking prices and they are going to dictate market conditions.'' 

Source: MiamiHerald.com - MONICA HATCHER

Stop Foreclosure  Save Your Credit Florida Short Sales