Fort Lauderdale, FL

Florida Home Prices Update

03-08-12

Heather Barber: Real Estate Broker in Fort Lauderdale, FL

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Office: (954) 319-1904

Secondary: (313) 399-2027

CoreLogic released its January Home Price Index (HPI) report today. Nationally, home prices, including distressed sales, declined in January 2012 by 3.1 percent year-over-year and by 1.0 percent month-to-month – its sixth consecutive monthly decline.

However, Florida sales increased by 1.8 percent year-over-year, one of only 18 states to see a price boost.

Excluding distressed sales, national year-over-year prices declined 0.9 percent in January 2012 compared to January 2011, but that same metric posted a month-over-month gain, rising 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions.

In Florida, prices rose even when distressed sales were excluded – 0.9 percent year-to-year.

Overall, seven states had higher price increases than Florida. South Dakota led the nation with an overall 5.7 percent price increase year-to-year, while Illinois saw the biggest price drop at 8.7 percent.

“Although home price declines are slowly improving and not far from the bottom, home prices are down to nearly the same levels as 10 years ago,” says Mark Fleming, chief economist for CoreLogic.

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It's COLD OUTSIDE!

03-05-12

Marco Giancola, Realtor (305)608-1922 Fort Lauderdale Beach Florida

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Office: (305) 608-1922

Mobile: (305) 608-1922

Well it is chilly outside this morning here is south Florida and I am not a fan. A big cold front moved through yesterday with blustery winds and a sprinkle here and there but the sky cleared and I knew what was we were in store for.

If you don't think 54 degrees is cold and that we Floridians are a bunch of cold weather light weights take a look where I found Peanutman after I got out of my bed! I came upstairs to shower and he had left his bed and dug in under my covers. Now do you believe it's cold in south Florida?-LOL

Side note it will be 75 degrees by noon so we will all live.

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Speechless Sunday

03-04-12

Winston Heverly, GRI, SFR, CDPE, CIAS, PA

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Speechless Sunday

What would a Sunday be without a view like this one. Taken from the second floor balcony of the World Renown Famous Coral Ridge Presbyterian Church, located in Fort Lauderdale, Florida. The pastor founder D. James Kennedy, that past a few years ago shows a dream can come true from humbling beginnings.

Coral Ridge

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Mortgage Abuse Settlement News

02-10-12

Heather Barber

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Office: (954) 319-1904

Secondary: (313) 399-2027

Major news was released today regarding the banks, mortgages of the past, and the present homeowners who still have homes. U.S. states have reached a $25 billion deal with the nation’s biggest mortgage lenders over foreclosure abuses that occurred after the housing bubble burst.

Federal and state officials announced the deal Thursday. It is the biggest settlement involving a single industry since a 1998 multistate tobacco deal.

Under the agreement, five major banks – Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial – will reduce loans for nearly 1 million households. They will also send checks of $2,000 to about 750,000 Americans who were improperly foreclosed upon. The banks will have three years to fulfill the terms of the deal.

All but one of the 50 states agreed to the deal. Oklahoma, the lone holdout, will receive no money.

The settlement ends a painful chapter that emerged from the financial crisis, when home values sank and millions edged toward foreclosure. Many companies processed foreclosures without verifying documents. Some employees signed papers they hadn’t read or used fake signatures to speed foreclosures – an action known as robo-signing.

Under the deal, 49 states said they won’t pursue civil charges related to these types of abuses. Homeowners can still sue lenders in civil court on their own, and federal and state authorities can pursue criminal charges.

Bank of America will pay the most to borrowers as part of the deal – nearly $8.6 billion. Wells Fargo will pay about $4.3 billion, JPMorgan Chase will pay roughly $4.2 billion, Citigroup will pay about $1.8 billion and Ally Financial will pay $200 million. This does not include $5.5 billion in federal and state payments.

The deal also ends a separate investigation into Bank of America and Countrywide for inflating appraisals of loans from 2003 through most of 2009. Bank of America acquired Countrywide in 2008.

In addition to the payments and mortgage reductions, the deal promises to reshape long-standing mortgage lending guidelines. It will make it easier for those at risk of foreclosure to make their payments and keep their homes.

Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement.

The settlement would apply only to privately held mortgages issued from 2008 through 2011. Banks own about half of all U.S. mortgages – roughly 30 million loans. Those owned by mortgage giants Fannie Mae and Freddie Mac are not covered by the deal.

Some critics say the proposed deal doesn’t go far enough. They have argued for a thorough investigation of potentially illegal foreclosure practices before a settlement is hammered out.

Under the deal:

• Roughly $1.5 billion for direct payouts, in the form of $2,000 checks, for about 750,000 Americans who were unfairly or improperly foreclosed upon; another $3.5 billion will go directly to states.

• At least $10 billion for reducing mortgage amounts.

• Up to $7 billion for other state homeowner programs.

• At least $3 billion for refinancing loans for homeowners who are current on their mortgage payments but who are underwater.

The Associated Press, Derek Kravitz, AP Real Estate Writer. Associated Press Writers Michael Virtanen in Albany, N.Y. and Pallavi Gogoi in New York contributed to this report.

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Fannie Mae Short Sale

02-07-12

Heather Barber

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Office: (954) 319-1904

Secondary: (313) 399-2027

Five mortgage insurers have granted Fannie Mae mortgage servicers the authority to complete a short sale or deeds in lieu of foreclosure without getting their separate approval.

Traditionally, mortgage insurance groups have had to give the OK before a short sale can be processed on a property with a guaranteed loan. Now, without that extra step, Fannie mortgage servicers may be able to speed up short sale approvals on Fannie-backed loans.

The PMI Group, which filed for bankruptcy in November, is the latest mortgage insurer to grant Fannie the authority to no longer wait for its approval on short sales. The other four mortgage insurers also giving Fannie the authority are: Genworth, MGIC, Republic Mortgage Insurance Co., and Radian Guaranty.

Regardless, Fannie has instructed its mortgage servicers to make sure a short sale does not conflict with any existing mortgage insurance coverage before approving it.

Source: HousingWire

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