The US Federal Government has settled with the nation's largest banks over bad foreclosure practices. The banks will pay $25 billion in penalties to aid troubled homeowners or who have lost their homes to foreclosure and now must overhaul their mortgage servicing practices.
The five banks that settled for the "robo-signing" that led to the agreement were: Wells Fargo, Bank of America, JP Morgan-Chase, Ally Financial and Citigroup.
Of the $25 billion total, $17 billion will go towards foreclosure prevention measures, such as lowering loan balances for underwater mortgages. Homeowners who are current could also have a chance to lower interest rates on their current loans. As many as 750,000 borrowers who lost their homes to foreclosure since 2008 would be eligible for payouts of about $2,000 each.
Banks will also have to refine the way in which they deal with troubled homeowners. The banks are barred from trying to foreclose on borrowers while simultaneously negotiating loan modifications. Borrowers will now have a single source of contact instead of being shuffled around to different departments and employees.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, February 12, 2012
Why Might Lenders Offer $35,000 Bonus For Homeowner To Do A Short Sale? Homes For Sale: Homes For Rent
According to Bloomberg, some banks are offering a cash bonus up to $35,000 for homeowners with underwater mortgages to complete a short sale.
In the past some banks were unwilling to agree to short sales becuase losses could not be recovered. However, banks are more eager to clear inventory off their books and are more amenable to short sales, according to Bloomberg.
According to Moody's, bank losses on short sales have been reported to be 15% lower than on typical foreclosures and short sales tend to be quicker when compared with the foreclosure process. This could be the reason that one out of every three homes facing forclosure is in a short sale process when compared with one out of every four homes a year ago.
Many housing experts believe the short sale process is the best way to reduce the glut of distressed housing inventory.
As a Certified Distressed Property Expert (CDPE), I can help both homeowners and buyers sell / buy a distressed property. As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
In the past some banks were unwilling to agree to short sales becuase losses could not be recovered. However, banks are more eager to clear inventory off their books and are more amenable to short sales, according to Bloomberg.
According to Moody's, bank losses on short sales have been reported to be 15% lower than on typical foreclosures and short sales tend to be quicker when compared with the foreclosure process. This could be the reason that one out of every three homes facing forclosure is in a short sale process when compared with one out of every four homes a year ago.
Many housing experts believe the short sale process is the best way to reduce the glut of distressed housing inventory.
As a Certified Distressed Property Expert (CDPE), I can help both homeowners and buyers sell / buy a distressed property. As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Case-Shiller Home-Price Index November 2011: US Home Prices Keep Falling: Homes For Sale: Homes For Rent
Through November 2011, the Case-Shiller Home-Price Index showed a sequential decline 1.3% for both the 10- and 20-City Composites. The 10- and 20-City Composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively.
US home prices have fallen 33% nationwide since the housing bust; today's US home prices are around the levels of homes sold in 2003. Most housing experts seem to think the large level of vacant homes will keep prices depressed for years to come.
Home experts also indicate home prices are likely to begin rising first in hard-hit areas like Arizona, California, Nevada and Florida. South Florida had experienced a sequential decrease of 0.5% in November 2011 and a 4.4% year-over-year decline in November 2011.
Many economists have compared the current US housing market with the UK market in the 1990s. During that time it took more than four years for home prices to begin to rise again.
Other areas of interest:
November 2011 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.34 -1.6% -1.1% -1.6%
Chicago 112.46 -3.4% -1.8% -5.9%
Miami 137.47 -0.5% -1.2% -4.4%
Minneapolis 113.25 -0.6% -1.5% -5.0%
New York 165.66 -1.1% -1.5% -2.3%
Tampa 125.32 -1.1% -0.5% -6.1%
Composite-10 151.90 -1.3% -1.2% -3.6%
Composite-20 138.49 -1.3% -1.3% -3.7%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
US home prices have fallen 33% nationwide since the housing bust; today's US home prices are around the levels of homes sold in 2003. Most housing experts seem to think the large level of vacant homes will keep prices depressed for years to come.
Home experts also indicate home prices are likely to begin rising first in hard-hit areas like Arizona, California, Nevada and Florida. South Florida had experienced a sequential decrease of 0.5% in November 2011 and a 4.4% year-over-year decline in November 2011.
Many economists have compared the current US housing market with the UK market in the 1990s. During that time it took more than four years for home prices to begin to rise again.
Other areas of interest:
November 2011 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 150.34 -1.6% -1.1% -1.6%
Chicago 112.46 -3.4% -1.8% -5.9%
Miami 137.47 -0.5% -1.2% -4.4%
Minneapolis 113.25 -0.6% -1.5% -5.0%
New York 165.66 -1.1% -1.5% -2.3%
Tampa 125.32 -1.1% -0.5% -6.1%
Composite-10 151.90 -1.3% -1.2% -3.6%
Composite-20 138.49 -1.3% -1.3% -3.7%
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Robert Shiller (Case-Shiller Housing Index) Talks Real Estate
Professor Robert Shiller, half of the Case-Shiller Home Index team, says US home prices do not seem overpriced on a price-to-income or price-to-rent basis. But, Mr. Shiller recently stated he did not expect home prices are going to start heading up dramatically now.
Also, Mr. Shiller stated that low interest rates do not seem to matter very much in determining home prices.
Another interesting tidbit from Mr. Shiller is that he indicates after most bubbles, there is an "overshoot" on the downside after the bubble bursts.
Based on the information we have from Mr. Shiller, my sense is he believes homes are nearing fair value, but could "overshoot" on the downside from the most recent bubble bursting. He also does not seem to think the Federal Reserve's monetary policy inducing low interest rates will have much of an effect on driving up house prices.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Also, Mr. Shiller stated that low interest rates do not seem to matter very much in determining home prices.
Another interesting tidbit from Mr. Shiller is that he indicates after most bubbles, there is an "overshoot" on the downside after the bubble bursts.
Based on the information we have from Mr. Shiller, my sense is he believes homes are nearing fair value, but could "overshoot" on the downside from the most recent bubble bursting. He also does not seem to think the Federal Reserve's monetary policy inducing low interest rates will have much of an effect on driving up house prices.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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