If you are having trouble making your mortgage payments, you have many options available to you. You should contact your lender directly to discuss it with them. They may be able to work out a Loan Modification or Refinance with you. If you have a loan owned by Fannie Mae or Freddie Mac, they are participating in the Making Home Affordable program. Also, lenders that received TARP (bailout) money from the Government are also required to participate. In some cases, you may be best served by doing a short sale, with the help of your local Realtor, at no cost to you. But in NO case should you pay anyone for assistance. Please click on the following for more information on these programs or call me if I may be of any help.
http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea16.shtm
Tuesday, July 21, 2009
Tuesday, July 14, 2009
Moratoriums from banks, government to expire, setting off new wave of default actions
WASHINGTON - -- Just as the nation's housing market has begun showing signs of stabilizing, another wave of foreclosures is poised to strike, possibly as early as this summer, inflicting new punishment on families, communities and the still-troubled national economy.Amid rising unemployment and falling home prices, mortgage loan defaults have surged to record levels this year. Until recently, many banks have put off launching foreclosure action on many troubled properties, in part because they had signed up for the home-stability plan from President Barack Obama's administration, which required them to consider the alternative of modifying loans to make it easier for borrowers to make payments.But with many government and self-imposed foreclosure moratoriums expiring, the biggest lenders indicate they are likely to move more aggressively to clear a backlog of troubled mortgages.Home sales have been steadying nationally, thanks largely to an abundance of cheap foreclosed properties, government incentives and record low mortgage rates. Housing construction starts have flattened out, helping to bring supply into balance with demand. The rate of housing price declines has slowed as well, even turning up again in some communities. But rising foreclosures will depress home values, pushing more homeowners underwater. Mark Zandi of Moody's Economy.com estimates that 15.4 million homeowners, about one in five of those with first mortgages, owe more on their homes than they are worth.Also, consumer confidence is already exceedingly low -- and another jolt to the housing market could further crimp spending, which has been pummeled by the deep recession and persistent weakness in the job market. The latest unemployment rate, for June, rose to 9.5 percent, and many analysts predict that it will keep rising until the middle of next year.The rapid pace of layoffs is of particular concern. Employers shed nearly a half-million payrolls in June. Homeowners who have lost jobs have little chance of getting their mortgages modified. That puts many homeowners on a collision course with banks that are preparing to take a more aggressive stance on loan modifications."Absolutely," said Chase spokesman Tom Kelly when asked about an impending spike in foreclosures.Since April 6, Chase said, it had approved modifying 138,000 loans under the Obama program. But an undisclosed number of other Chase borrowers didn't meet modification eligibility, and many of those homeowners face possible foreclosure.Separate from that group, Kelly said, Chase is proceeding to deal with an additional 80,000 default borrowers whose foreclosure process had been voluntarily halted by the lender starting late last year.Bank of America, the nation's largest servicer of home mortgages, also did not release the volume of likely foreclosures. The bank said it had extended offers to modify loans to more than 45,000 borrowers under the Obama plan. Bank of America spokesman Dan Frahm said the company was projecting a "slow increase" in the number of monthly foreclosures, potentially reaching 30 percent above previous normal levels.Just how big the foreclosure wave will be is unclear. Much will depend on how quickly lenders can push the process along. It generally takes three months to a year from the time a borrower receives a notice of default to a foreclosure sale, in which case the lender usually takes title of the property.Government and company reports show that the number of completed foreclosures nationwide slowed sharply late last year and into early this year, largely because of various moratoriums in effect during the first quarter.Recent reports hint at the next wave of foreclosures.In the first quarter, 1.8 million homeowners nationwide fell behind on their loans by 60 to 90 days, a 15 percent increase from the prior quarter, according to Economy.com. The research firm said that loan defaults rose sharply as well, to 844,000 in the first three months of this year.The Obama administration is racing to avert as many foreclosures as possible. So far, more than 240,000 distressed borrowers have been approved on a trial basis under the Home Affordable Modification Program, in which their loans are being reworked so monthly payments are targeted at 31 percent of their gross income, said Seth Wheeler, a senior adviser to Treasury Secretary Timothy Geithner."We're very unlikely to implement another moratorium," Wheeler said but noted that the Treasury will monitor how many foreclosed homes are dumped into the market, suggesting officials could take other steps to prevent a flood of lender-owned properties. Source: Chicago Tribune
Friday, June 5, 2009
South Florida home sales up for 9th straight month
BY MONICA HATCHER
mhatcher@MiamiHerald.com
Sales of existing homes and condos in both Miami-Dade and Broward counties surged in April for the ninth consecutive month, as prices continued spiraling downward along with job losses and foreclosures.
Buyers found prices on single-family homes off by as much as 39 percent in Miami-Dade from the same month last year and 36 percent in Broward County.
The median house price in Miami-Dade, or the point at which half of the 555 homes sold in April went for more and the other half for less, was $177,000, down from $291,900 a year ago.
Of 690 homes sold in Broward, the median price settled at $191,300, down from $298,100 last year. The national median house price, by way of comparison, was $170,200, down from $201,300 last April.
South Florida sales, however, bounded for the ninth month in a row compared to the year-ago period and easily outpaced the increase at the national level of 2.9 percent, as super bargains drew investors and first-time home buyers into the market.
Sales of previously lived in houses were up in Miami-Dade by 98 percent and by 33 percent in Broward.
Condo sales also rose -- by 70 percent in Miami-Dade and 39 percent in Broward, on median prices that fell by 51 percent and 47 percent, respectively.
The median condo price in Miami-Dade fell to $133,500 from $275,000 last year. In Broward, the median price fell to $79,900 from $150,000.
As far as price declines go, William Hardin, director of real estate programs at Florida International University, said he couldn't see how much farther they could fall, especially in Broward County.
''When you have a median condo at $80,000, by any measure that is a low price. All of these aren't distressed properties. There may be some volatility there, but if people want to buy, they can buy. Someone who makes $30,000 to $35,000 a year can afford an $80,000 unit,'' Hardin said.
He cautioned, however, that prices that appear to be touching bottom won't necessarily be rising anytime soon, even though the number of homes on the market in both counties is shrinking at a significant clip with each month's up-tick in sales.
''There is a lot of pending foreclosure activity,'' Hardin said. ``For every one house for sale, there is one in foreclosure that is not listed.''
Brad Hunter, chief economist for Metrostudy, a real estate research firm based in West Palm Beach, estimates that for home buyers intending to live in the property, now may be as good a time as ever to get in.
''Are they going to hit the exact bottom and buy at the lowest prices possible? Probably few people will hit it that exactly, but I don't think there is much more downside for people buying for their own use in a good neighborhood that is not chock full of foreclosures,'' Hunter said.
mhatcher@MiamiHerald.com
Sales of existing homes and condos in both Miami-Dade and Broward counties surged in April for the ninth consecutive month, as prices continued spiraling downward along with job losses and foreclosures.
Buyers found prices on single-family homes off by as much as 39 percent in Miami-Dade from the same month last year and 36 percent in Broward County.
The median house price in Miami-Dade, or the point at which half of the 555 homes sold in April went for more and the other half for less, was $177,000, down from $291,900 a year ago.
Of 690 homes sold in Broward, the median price settled at $191,300, down from $298,100 last year. The national median house price, by way of comparison, was $170,200, down from $201,300 last April.
South Florida sales, however, bounded for the ninth month in a row compared to the year-ago period and easily outpaced the increase at the national level of 2.9 percent, as super bargains drew investors and first-time home buyers into the market.
Sales of previously lived in houses were up in Miami-Dade by 98 percent and by 33 percent in Broward.
Condo sales also rose -- by 70 percent in Miami-Dade and 39 percent in Broward, on median prices that fell by 51 percent and 47 percent, respectively.
The median condo price in Miami-Dade fell to $133,500 from $275,000 last year. In Broward, the median price fell to $79,900 from $150,000.
As far as price declines go, William Hardin, director of real estate programs at Florida International University, said he couldn't see how much farther they could fall, especially in Broward County.
''When you have a median condo at $80,000, by any measure that is a low price. All of these aren't distressed properties. There may be some volatility there, but if people want to buy, they can buy. Someone who makes $30,000 to $35,000 a year can afford an $80,000 unit,'' Hardin said.
He cautioned, however, that prices that appear to be touching bottom won't necessarily be rising anytime soon, even though the number of homes on the market in both counties is shrinking at a significant clip with each month's up-tick in sales.
''There is a lot of pending foreclosure activity,'' Hardin said. ``For every one house for sale, there is one in foreclosure that is not listed.''
Brad Hunter, chief economist for Metrostudy, a real estate research firm based in West Palm Beach, estimates that for home buyers intending to live in the property, now may be as good a time as ever to get in.
''Are they going to hit the exact bottom and buy at the lowest prices possible? Probably few people will hit it that exactly, but I don't think there is much more downside for people buying for their own use in a good neighborhood that is not chock full of foreclosures,'' Hunter said.
Friday, May 15, 2009
South Florida Real Estate
My name is Dan Crispino and I am a full-time Realtor with Keller Williams Partners SW in Pembroke Pines, Florida. I have been helping families buy and sell homes, townhomes, and condos in South Florida since 1994. I enjoy what I do and plan to share my thoughts, ideas, and experiences about real estate. I am more interested in hearing what you have to say and creating an online dialogue about the ever-changing world of real estate. Whether you are a homeowner, buyer, seller, investor, renter, or just have a comment or question, please feel free post at anytime.
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