Corelogic, a real estate consulting firm, reported 48,000 completed foreclosures in August 2013, down from 72,000 a year ago.
The company reported 939,000 of US homes were in some stage of foreclosure as of August 2013. The year-ago number was around 1.4 million homes, according to Corelogic. An economist for Corelogic stated, "A surge in completed foreclosures and a rise in the foreclosure inventory is unlikely."
Corelogic reported Florida lead the country with 111,000 foreclosures during the 12-months ended August 2013. For the country, the company reports fewer than 2 million homes in the "shadow inventory" of foreclosures, which it estimates constitutes about 3.7 months worth of supply.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Sunday, October 27, 2013
Thursday, June 13, 2013
May 2013: Florida Leading The Nation In Foreclosure Activity
RealtyTrac, Inc., a firm that tracks foreclosures, said Florida had the most foreclosure activity than any other state in the US during May 2013. One in every 303 homes was in involved in a foreclosure filing.
Palm Beach county had one in every 286 homes being in foreclosure activity during May 2013, according to RealtyTrac, Inc. Broward county had one in every 317 homes involved in foreclosure activity, according to RealtyTrac, Inc. during May 2013. Miami-Dade was only one in every 143 homes being involved in foreclosure activity, according to RealtyTrac, Inc. during the timeframe.
The Florida foreclosure numbers were almost three times more than the national average, according to the RealtyTrac, Inc. report.
As we have discussed in previous posts, there is a dearth of inventory in the local market right now. An increase in homes hitting the market might help to balance out the supply and demand equation.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Palm Beach county had one in every 286 homes being in foreclosure activity during May 2013, according to RealtyTrac, Inc. Broward county had one in every 317 homes involved in foreclosure activity, according to RealtyTrac, Inc. during May 2013. Miami-Dade was only one in every 143 homes being involved in foreclosure activity, according to RealtyTrac, Inc. during the timeframe.
The Florida foreclosure numbers were almost three times more than the national average, according to the RealtyTrac, Inc. report.
As we have discussed in previous posts, there is a dearth of inventory in the local market right now. An increase in homes hitting the market might help to balance out the supply and demand equation.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
New Florida Foreclosure Law And How It Affects Consumers
The new law was signed by Florida's Governor Rick Scott on Friday (June 7, 2013) and went directly into effect.
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
The new law allows lenders to query the court as to why a final foreclosure order has not been entered. Furthermore, condominium associations and homeowners associations can ask the courts to expedite the foreclosure process under certain circumstances.
Lenders must now provide details showing the entity owns the loan before foreclosing on the property. There are protections in the law for innocent parties who purchased a property where a former owner may have claim to the property.
Perhaps the most pertinent part of the law is deficiency judgments in foreclosure actions can be sought for only one year, down from five years. The deficiency judgment is the difference between the proceeds from the home and what is owed on the mortgage note.
I believe it is preferable for distressed homeowners to complete a short sale when compared to a foreclosure. (Please see previous entries on the subject of short sales by searching short sale in the label section of the Blog).
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Thursday, March 21, 2013
Foreclosures To Flood South Florida Housing Market?
As we have discussed, the inventory levels of homes on the market seems to be dwindling in South Florida. According to an article in the Sun-Sentinel, listings have dropped by about 50% from a year ago. The article went on to say large investment firms are investing millions of dollars in distressed properties in the South Florida market. The result has been a rise in prices.
We have wondered about the possibility that more foreclosures will potentially disrupt the upward trend of home price in the South Florida market. The Sun-Sentinel quoted RealtyTrac as saying there are currently 56,000 homes in Palm Beach and Broward counties that are in the "shadow inventory." The "shadow inventory" has not yet been introduced for sale onto the market.
Some experts believe the banks will not rush to bring many foreclosed homes on the market as to not ruin the positive price momentum. Also, the continued interest by the large investment firms will most likely shut out individual buyers to those institutional investors who are buying homes in bulk. The result may be a continued shortage of homes.
One of the important trends to follow is the number of distressed properties that hit the market during the current calendar year. If the banks hold back inventory of foreclosures and/or institutional investors continue to target the South Florida housing market, we could continue to see tight inventory levels. However, if the banks begin to increase the number of foreclosed properties being introduced into the market, prices could level-out or even decrease.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
We have wondered about the possibility that more foreclosures will potentially disrupt the upward trend of home price in the South Florida market. The Sun-Sentinel quoted RealtyTrac as saying there are currently 56,000 homes in Palm Beach and Broward counties that are in the "shadow inventory." The "shadow inventory" has not yet been introduced for sale onto the market.
Some experts believe the banks will not rush to bring many foreclosed homes on the market as to not ruin the positive price momentum. Also, the continued interest by the large investment firms will most likely shut out individual buyers to those institutional investors who are buying homes in bulk. The result may be a continued shortage of homes.
One of the important trends to follow is the number of distressed properties that hit the market during the current calendar year. If the banks hold back inventory of foreclosures and/or institutional investors continue to target the South Florida housing market, we could continue to see tight inventory levels. However, if the banks begin to increase the number of foreclosed properties being introduced into the market, prices could level-out or even decrease.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Tuesday, March 19, 2013
Buying A Home: How Long Do I Have To Wait After Short Sale, Foreclosure And Deed In Lieu of Foreclosure?
Those folks who lost their homes in a distressed property situation might be ready to buy a home again. The Sun-Sentinel recently reported on different scenarios based on information from Fannie Mae and the Department of Housing and Urban Development. Below is a synoposis of the waiting periods to purchase a new home:
Foreclosure:
seven years for a government backed Fannie Mae or Freddie Mac loan;
three years for a Federal Housing Administration (FHA) loan; and
one to two years for an FHA loan if there were extenuating circumstances (e.g., illness of wage earner)
Short Sale:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down; and
three years for an FHA loan
Deed in Lieu of Foreclosure:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down;
three years for FHA; and
one to two years for FHA loan with extenuating circumstances
I think another strong wave of buyers will be those who were involved with a distressed property and are now on solid footing again. I look forward to working with those buyers who are seeking the "American Dream" once again after experiencing a "rocky road."
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Foreclosure:
seven years for a government backed Fannie Mae or Freddie Mac loan;
three years for a Federal Housing Administration (FHA) loan; and
one to two years for an FHA loan if there were extenuating circumstances (e.g., illness of wage earner)
Short Sale:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down; and
three years for an FHA loan
Deed in Lieu of Foreclosure:
seven years for Fannie Mae or Freddie Mac with less than 10% down;
four years for Fannie Mae or Freddie Mac with 10% down;
two years for Fannie Mae or Freddie Mac with 20% down;
three years for FHA; and
one to two years for FHA loan with extenuating circumstances
I think another strong wave of buyers will be those who were involved with a distressed property and are now on solid footing again. I look forward to working with those buyers who are seeking the "American Dream" once again after experiencing a "rocky road."
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Friday, January 18, 2013
Is The Foreclosure Crisis In Florida Easing?: Homes For Sale: Homes For Rent
We're number one-- in foreclosures for 2012. Nevada was number one for a while, but Florida has surpassed the state in 2012 (it was #2 in the nation), according to the Sun-Sentinel.
Apparently when lenders resumed foreclosure filings after the paperwork errors, also referred to as "Robo-Signing," it helped to push up the number of foreclosures in the state.
Nonetheless, RealtyTrac, a real estate consulting firm, states the foreclosure problem seems to be winding down and is "comfortably past the peak."
One in 32 homes in Florida received a foreclosure filing in 2012, according to the Sun-Sentinel. The paper reports both Palm Beach and Broward counties had one in 31 homes in some form of foreclosure during 2012.
Many industry experts believe the South Florida market is primed for recovery. My broker, Scott Agran, was quoted as saying, "I feel like we have definitely moved beyond more problems or more surprises in the marketplace."
Should the market continue to improve, it might be a good time to buy or sell your home. Contact me so we can work through your individual situation.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Apparently when lenders resumed foreclosure filings after the paperwork errors, also referred to as "Robo-Signing," it helped to push up the number of foreclosures in the state.
Nonetheless, RealtyTrac, a real estate consulting firm, states the foreclosure problem seems to be winding down and is "comfortably past the peak."
One in 32 homes in Florida received a foreclosure filing in 2012, according to the Sun-Sentinel. The paper reports both Palm Beach and Broward counties had one in 31 homes in some form of foreclosure during 2012.
Many industry experts believe the South Florida market is primed for recovery. My broker, Scott Agran, was quoted as saying, "I feel like we have definitely moved beyond more problems or more surprises in the marketplace."
Should the market continue to improve, it might be a good time to buy or sell your home. Contact me so we can work through your individual situation.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
Shadow Inventory of Foreclosures Not As Bad As Once Feared?: Homes For Sale: Homes For Rent
Those who have been avid readers of my blog know I am concerned about the potential for a new round of foreclosures putting a damper on the recovering South Florida and national housing market.
One must continually research the inputs of these theories in order to validate or formulate a new prediction of the future. In that regard, CoreLogic, a real estate consulting firm, said it believes the threat from "shadow inventory" is receding.
Shadow inventory refers to homes that are in foreclosure or are in the foreclosure process. Should a lot of new foreclosure hit the market, it might counter-balance the supply of homes and put pressure on prices.
Two reasons cited is the increase in short sales (see articles on this subject on this blog) and loan modifications have helped improve the situation. Also, investors have been snapping up existing foreclosed properties, which has helped balance the supply and demand in the marketplace.
Corelogic reported the "shadow inventory" dropped to 2.3 million in October 2012, from 2.6 million a year ago. Should we continue to see a decline in potential foreclosures, I think it bodes well for the housing market in general.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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
One must continually research the inputs of these theories in order to validate or formulate a new prediction of the future. In that regard, CoreLogic, a real estate consulting firm, said it believes the threat from "shadow inventory" is receding.
Shadow inventory refers to homes that are in foreclosure or are in the foreclosure process. Should a lot of new foreclosure hit the market, it might counter-balance the supply of homes and put pressure on prices.
Two reasons cited is the increase in short sales (see articles on this subject on this blog) and loan modifications have helped improve the situation. Also, investors have been snapping up existing foreclosed properties, which has helped balance the supply and demand in the marketplace.
Corelogic reported the "shadow inventory" dropped to 2.3 million in October 2012, from 2.6 million a year ago. Should we continue to see a decline in potential foreclosures, I think it bodes well for the housing market in general.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
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, November 18, 2012
Some Potential Pitfalls To Buying "Foreclosed" Homes Through Auctions
Given my analytical approach to buying, selling and leasing real estate, I attract real estate investors as clients. I am able to break down the market in qualitiative and quantitative terms in order for the investor to better understand the market and execute on their investment plans.
Many times I am asked about potentially buying homes at auction. I caution people to be careful. A case in point is the recent article in the Sun-Sentinel in the September 23rd issue in regards to online auctions in Broward and Palm Beach counties.
The gist of the article surrounded around people who thought they bought homes in the public auction only to find out about a "poison pill" embedded. The homes they bought were then foreclosed on by one or more banks.
Some investors who bought auctioned homes that were foreclosed upon by a homeowners association, were then being foreclosed upon again by banks. Essentially the homeowners association debt was auctioned under the guise of a foreclosure auction.
Investors think they are getting a great deal only to learn they bought a worthless second mortgage or other liens, according to Lloyd McClendon, who heads 1Auctions.com, which runs the online foreclosure acutions for Broward County.
Title searches and other measures should be done to be sure you know what you are bidding on. In my opinion, those looking into foreclosures should work with an attorney. Another avenue to look into is working with a Realtor on homes that are listed with a broker.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
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
Many times I am asked about potentially buying homes at auction. I caution people to be careful. A case in point is the recent article in the Sun-Sentinel in the September 23rd issue in regards to online auctions in Broward and Palm Beach counties.
The gist of the article surrounded around people who thought they bought homes in the public auction only to find out about a "poison pill" embedded. The homes they bought were then foreclosed on by one or more banks.
Some investors who bought auctioned homes that were foreclosed upon by a homeowners association, were then being foreclosed upon again by banks. Essentially the homeowners association debt was auctioned under the guise of a foreclosure auction.
Investors think they are getting a great deal only to learn they bought a worthless second mortgage or other liens, according to Lloyd McClendon, who heads 1Auctions.com, which runs the online foreclosure acutions for Broward County.
Title searches and other measures should be done to be sure you know what you are bidding on. In my opinion, those looking into foreclosures should work with an attorney. Another avenue to look into is working with a Realtor on homes that are listed with a broker.
As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. 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
An Analytical Approach To Buying, Selling and Leasing Real Estate
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
Friday, June 1, 2012
Latest Foreclosure And Short Sale Information: Homes For Sale: Homes For Rent
The sale of distressed properties (i.e., short sales and foreclosures) continue to dominate the US housing market.
According to RealtyTrac, foreclosed properties made up 26% of overall sales in 1Q:12, which is up from 25% of all sales a year ago.
Homes in forclosure have sales prices that are typically 27% below the average price of homes not in foreclosure.
Short sales accounted for 12% of homes sold in the first quarter of 2012, according to RealtyTrac; this was up 25% over the previous year.
RealtyTrac is reporting banks typically get 20% more in price when compared with the price they would get for a similar home that is in foreclosure. This is one reason short sales are more preferable when compared with a lender taking over a home through foreclosure.
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
According to RealtyTrac, foreclosed properties made up 26% of overall sales in 1Q:12, which is up from 25% of all sales a year ago.
Homes in forclosure have sales prices that are typically 27% below the average price of homes not in foreclosure.
Short sales accounted for 12% of homes sold in the first quarter of 2012, according to RealtyTrac; this was up 25% over the previous year.
RealtyTrac is reporting banks typically get 20% more in price when compared with the price they would get for a similar home that is in foreclosure. This is one reason short sales are more preferable when compared with a lender taking over a home through foreclosure.
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, April 29, 2012
Big And Small Investors Entering The Real Estate Market: Homes For Sale: Homes For Rent
The US government's push to sell big pools of single-family homes that Fannie Mae owns has intrigued large institutional investors to begin looking into real estate for investment vehicles. The Fannie Mae and Freddic Mac homes are those that were foreclosed upon and now sit idle. The US government's pilot project will allow for the large-scale sale of these properties.
The combined Fannie Mae and Freddie Mac own more than 200,000 foreclosed homes and RealtyTrac estimates banks own another 600,000 single-family homes. The combination of a red-hot rental market and an over-supply of homes has gotten the attention of some investors who see an opportunity. The potential to purchase undervalued homes and rent them out is the potential play for many investors.
Some high-profile institutional investors are committing money to buying foreclosures, such as Warren Buffet's Berkshire Hathaway, Och-Ziff Capital Management and Starwood Capital, to mention a few. These larege investors have the potential to crowd-out the smaller investors.
Bids for these homes are to begin in April 2012 for the initial round of 2,500 Fannie Mae owned homes in some the United States' larges cities, such as Atlanta, Chicago and Los Angeles. If this is successful, the Federal Housing Finance Agency (FHFA) is considering selling off pools of distressed homes in the future.
Many homes in the initial round of sales are expected to be homes that already have tenants in them. This will give investors a pretty good idea of what the cash flows will be. Some investors believe they can generate an annual yield of 7% from rental income alone. The long-term goal of many institutional companies would be to form publicly traded real estate investment trusts (REITS) that would potentially yield an internal rate of return in the 25% range over a three-year period.
My background in dealing with large institutional investors enables me to work with both large and small investors. I am uniquely qualified as a Realtor, Certified Distressed Property Expert (CDPE) and direct investment experience.
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
The combined Fannie Mae and Freddie Mac own more than 200,000 foreclosed homes and RealtyTrac estimates banks own another 600,000 single-family homes. The combination of a red-hot rental market and an over-supply of homes has gotten the attention of some investors who see an opportunity. The potential to purchase undervalued homes and rent them out is the potential play for many investors.
Some high-profile institutional investors are committing money to buying foreclosures, such as Warren Buffet's Berkshire Hathaway, Och-Ziff Capital Management and Starwood Capital, to mention a few. These larege investors have the potential to crowd-out the smaller investors.
Bids for these homes are to begin in April 2012 for the initial round of 2,500 Fannie Mae owned homes in some the United States' larges cities, such as Atlanta, Chicago and Los Angeles. If this is successful, the Federal Housing Finance Agency (FHFA) is considering selling off pools of distressed homes in the future.
Many homes in the initial round of sales are expected to be homes that already have tenants in them. This will give investors a pretty good idea of what the cash flows will be. Some investors believe they can generate an annual yield of 7% from rental income alone. The long-term goal of many institutional companies would be to form publicly traded real estate investment trusts (REITS) that would potentially yield an internal rate of return in the 25% range over a three-year period.
My background in dealing with large institutional investors enables me to work with both large and small investors. I am uniquely qualified as a Realtor, Certified Distressed Property Expert (CDPE) and direct investment experience.
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
Saturday, March 10, 2012
States With The Most Foreclosures: Homes For Sale: Homes For Rent
I am in contact with many people who are looking to invest in distressed properties (i.e., short sales and foreclosures). One reason there has been a lot of interest from investors is because Florida has the highest foreclosure rate in the country.
According to 247wallst.com, the top five states with the most foreclosures is as follows:
1. Florida 11.9% foreclosure rate; 5-year price decline of 49%
2. New Jersey 6.4% foreclosure rate; 5-year price decline of 22.6%
3. Illinois 5.4% foreclosure rate; 5-year price decline of 29%
4. Nevada 5.3% foreclosure rate; 5-year price decline of 59.3%
5. New York 4.6% foreclosure rate; 5-year price decline of 13.6%
One of the primary reasons is the length of time it takes for the forclosure process to be finalized. The average in the US is 140 days for a foreclosure; New York has an average processing period of 445 days. The longer processes usually involve the court system and all of the legal proceedings that are associated with it.
In regards to Florida, about 12% of Florida's homes with a mortgage were in foreclosure in 2011, according to 247wallst.com. Home prices have fallen nearly 50% over the past five years and 17.4% of people with mortgages in Florida were 90 days or more late with mortgage payments, according to 247wallst.com.
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
According to 247wallst.com, the top five states with the most foreclosures is as follows:
1. Florida 11.9% foreclosure rate; 5-year price decline of 49%
2. New Jersey 6.4% foreclosure rate; 5-year price decline of 22.6%
3. Illinois 5.4% foreclosure rate; 5-year price decline of 29%
4. Nevada 5.3% foreclosure rate; 5-year price decline of 59.3%
5. New York 4.6% foreclosure rate; 5-year price decline of 13.6%
One of the primary reasons is the length of time it takes for the forclosure process to be finalized. The average in the US is 140 days for a foreclosure; New York has an average processing period of 445 days. The longer processes usually involve the court system and all of the legal proceedings that are associated with it.
In regards to Florida, about 12% of Florida's homes with a mortgage were in foreclosure in 2011, according to 247wallst.com. Home prices have fallen nearly 50% over the past five years and 17.4% of people with mortgages in Florida were 90 days or more late with mortgage payments, according to 247wallst.com.
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
Wednesday, December 21, 2011
Foreclosure and Short Sales Price Differential: Homes For Sale: Homes For Rent
Foreclosures and short sales combined for almost half of all US homes sales in November 2011, according to a survey by Campbell/Inside Mortgage Finance company. The number was 46% to be exact.
We have posted data on sales discounts for distressed properties: here is some of the latest data.
The average short sale sold for about 19.3% less than those sold by conventional home sales in the US. For more informaiton about short-sales, please see prior entries.
The average forclosed home that was deemed to be "move-in" condition was 26.6% below a conventional home sale in the US.
The average price for a damaged foreclosed home was 62% less than the conventional home sale in the US.
There is plenty of distressed property in the current inventory. I would not be surprised if 2012 was another year of large amounts of distressed property sales.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
We have posted data on sales discounts for distressed properties: here is some of the latest data.
The average short sale sold for about 19.3% less than those sold by conventional home sales in the US. For more informaiton about short-sales, please see prior entries.
The average forclosed home that was deemed to be "move-in" condition was 26.6% below a conventional home sale in the US.
The average price for a damaged foreclosed home was 62% less than the conventional home sale in the US.
There is plenty of distressed property in the current inventory. I would not be surprised if 2012 was another year of large amounts of distressed property sales.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at www.langrealty.com/agents/michael-friedman
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
Tuesday, November 1, 2011
Banks To Offer Own Refinancing Plan?: Homes For Sale: Homes For Rent
The Wall Street Journal recently reported the large US banks are working on a plan that would make mortgage refinancing available to "underwater" homeowners. Those borrowers with houses that are worth less than their loans would be eligible so long as they are current on mortgage payments.
The plan is reportedly to be for mortgages owned by the banks. The WSJ said officials in the US federal government are trying to work with the five largest mortgage servicers: Ally Financial; Bank of America; Citigroup; JP Morgan Chase; and Wells Fargo.
The federal government has some leverage in trying to negotiate a legal settlement over alleged foreclosure abuses. Beyond reaching an equitable settlement, the federal government is attempting to stabilize the US housing market. The reasoning being that a reduction in distressed properties will help provide a floor to housing prices.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
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
The plan is reportedly to be for mortgages owned by the banks. The WSJ said officials in the US federal government are trying to work with the five largest mortgage servicers: Ally Financial; Bank of America; Citigroup; JP Morgan Chase; and Wells Fargo.
The federal government has some leverage in trying to negotiate a legal settlement over alleged foreclosure abuses. Beyond reaching an equitable settlement, the federal government is attempting to stabilize the US housing market. The reasoning being that a reduction in distressed properties will help provide a floor to housing prices.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
www.langrealty.com/agents/michael-friedman
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
Saturday, October 8, 2011
Deficiency Judgments, Foreclosures and Short Sales: Why You Should Consider A Short Sale: Homes For Sale: Homes For Rent
A lawyer who defends against foreclosure is recently quoted as saying there was "a false sense of calm" amoung homeowners that went through foreclosure. He added, "that's changing."
Lenders typically have five years following a foreclosure sale to sue for the remaining mortgage debt. Most states allow 20 years to try and collect the debts. Depending on the state, the debt owed grows at about an 8% interest rate.
Florida is among the biggest deficiency-judgment states. Since the start of 2007, Florida has had more foreclosures than any other state that allows deficiency judments with more than 9% of the US total, according to Lender Processing Services, Inc.
Sharon Bock, clerk and comptroller of Palm Beach County, Florida expects "a massive wave of these cases as banks start selling the judgments to debt collectors."
Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after the foreclosure sale. Some lenders say they are most likely to seek a deficiency judgment against those they believe are "strategic defaulters" who chose to stop paying because the property lost a lot of value.
The Wall Street Journal reported the average "deficiency amount" was $100,000 in the US. This is the amount by which foreclosure sales fell below the loan balance.
A short-sale, if negotiated properly, would have the lender agree to waive its right to try and recover the "deficiency". There are criteria that need to be met to qualify for a short sale and a requirement is to list the property with a broker. The lenders require the property be marketed to a wide audience and listing with a Realtor will help in this regard.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
Lenders typically have five years following a foreclosure sale to sue for the remaining mortgage debt. Most states allow 20 years to try and collect the debts. Depending on the state, the debt owed grows at about an 8% interest rate.
Florida is among the biggest deficiency-judgment states. Since the start of 2007, Florida has had more foreclosures than any other state that allows deficiency judments with more than 9% of the US total, according to Lender Processing Services, Inc.
Sharon Bock, clerk and comptroller of Palm Beach County, Florida expects "a massive wave of these cases as banks start selling the judgments to debt collectors."
Forty-one states and the District of Columbia permit lenders to sue borrowers for mortgage debt still left after the foreclosure sale. Some lenders say they are most likely to seek a deficiency judgment against those they believe are "strategic defaulters" who chose to stop paying because the property lost a lot of value.
The Wall Street Journal reported the average "deficiency amount" was $100,000 in the US. This is the amount by which foreclosure sales fell below the loan balance.
A short-sale, if negotiated properly, would have the lender agree to waive its right to try and recover the "deficiency". There are criteria that need to be met to qualify for a short sale and a requirement is to list the property with a broker. The lenders require the property be marketed to a wide audience and listing with a Realtor will help in this regard.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
Wednesday, October 5, 2011
How Much Time Does A Homeowner Have To Do A Short Sale? Homes For Sale: Homes For Rent
There are more than four million homes in the US either in foreclosure or 90 days or more late with payments in August 2011, according to published reports.
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
Many of these homeowners fall into the criteria for a short sale, which could allow for debt foregiveness under certain circumstances. Short sales are advantageous when compared with foreclosure for many reasons.
With a large amount of bad loans, lenders have had to prioritize which homes to target and the others have languished in the foreclosure process.
Once borrowers start missing payments, they spend an average of one year and nine months (611 days) in the foreclosure process before lenders repossess the homes, according to LPS Mortgage Monitor. The average was 523 days a year ago and 251 days three years ago.
The length of time to repossess a foreclosed home has been increasing as the numbers above indicate. Bottlenecks are worse in judicial states where foreclosures are processed through the court system. In non-judicial states foreclosures take about six months less time when compared with judicial states.
I can help with the short sale process and we can work together towards a successful short sale.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
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
Saturday, September 17, 2011
More Foreclosures In August 2011: Homes For Sale: Homes For Rent
The trend continues as more homeowners fell behind on their mortgages, according to Realty Trac, an online marketer of foreclosed properties. Foreclosure filings were up 7.0% in August 2011 over July 2011. However, this is 33.0% below August 2010.
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
A bellwether for the future is the 33.0% rise in default notices on a sequential basis in August 2011. This is the beginning of the foreclosure process.
Some experts believe lenders are beginning a new push after being slowed down by the "robo-signing" issue last fall.
I find buyers are still focused on the distressed market with foreclosures being the choice over short-sales. I think the reason is primarily two-fold: lower price and less time to get approval.
Surprisingly, Florida was not in the top-three of states hardest hit by foreclosures. Nevada was number one in August, followed by California and then Arizona.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Please text or call to give me your name, telephone number and e-mail address for the ability to access home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Saturday, August 13, 2011
Banks Have A New Weapon In Dealing With Homes On Which It Has Foreclosed-- Bulldozers: Homes For Sale: Homes For Rent
With nearly 1.7 million homes in the US in some state of foreclosure and more coming on the horizon, some economists worry home prices will be depressed for years to come. How do we reduce the supply-- one way is with a bulldozer.
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Some of the least valuable homes are being demolished. For instance, Bank of America recently announced plans to demolish 100 foreclosed homes in Cleveland; the land will be donated to local municipalities. JP Morgan Chase has beeen donating homes it could not sell or were not repairable.
Why would the banks do this? Once the property is donated no more tax or upkeep expenses are required. The lender may also be able to write-off the donation. Municipalities like it becasue they get free land to develop or leave as open space. The market may have a chance to stablize quicker because there is less inventory keeping prices depressed.
The fact that the banks are attempting to do something might be a good sign for the future. With undesireable, distressed homes lingering on the market, it is taking 9 1/2 months for the current number of homes on the market to sell at the end of June 2011; a healthy supply is six months of sales, according to many experts.
If you are thinking of selling or buying a home, or require more information, please text me or call me at 561-247-3550. Also, text me your name and e-mail address if you would like home search capabilities.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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, July 17, 2011
After A Foreclosure Or A Short Sale, How Long Do You Have To Wait To Buy A House?: Homes For Sale: Homes For Rent: Real Estate Agent
As a Certified Distressed Property Expert (CDPE) and a Realtor in the South Florida housing market, I have come across many distressed home situations recently. Representing both sellers and buyers in the distressed property market is one of my specialities.
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
The main idea is for sellers to avoid foreclosure via a short sale or another avenue. There have been many short sales and foreclosures recently and the question for those who have been through it is: how long do I have to wait until I can purchase a home again.
Below is a brief synopsis as reported recently by the New York Times:
Fannie Mae and Freddie Mac:
Up to seven years after a foreclosure and up to four years after a bankruptcy WITHOUT extenuating circumstances (i.e., illness or job loss).
Up to three years after a foreclosure and up to two years following a short sale, deed in lieu or discharge or dismissal of bankruptcy with extenuating circumstances.
Federal Housing Administration (FHA) Loans:
Those loans insured by the FHA will have to wait up to three years after a foreclosure and two years after a bankruptcy is discharged.
Short sales WITHOUT extenuating circumstances will have to wait up to three years.
Short sales with extenuating circumstances and were on time with all payments a year prior to the short sale may not have to wait at all and might qualify for an FHA loan immediately.
If you are thinking of selling or buying a home, or require more information, please to text me or call me at 561-247-3550. Text me your e-mail address for free home searches.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
Monday, June 27, 2011
Is US Distressed Property Inventory Peaking?: Homes For Sale: Homes For Rent
CoreLogic believes US "shadow inventory" of homes may have peaked recently. The "shadow inventory" refers to homes in the foreclosure process that are headed toward the housing market.
As of April 2011 CoreLogic estimates there were about 1.7 million homes that were in the foreclosure process. The firm says this is about 18% below the peak and represents a five-month supply of homes at the current sales pace.
Those behind on their mortgates has declined 8.3% in the first quarter of 2011, according to the Mortgagte Bankers Association. The National Association of Realtors reported foreclosures and short sales (i.e., distressed properties) accounted for 31% of existing home sales in May 2011 versus 37% in April 2011.
Excess inventory supply needs to be taken out of the market in order to reach a bottom in the market, in my view. The stabiliztion of the US economy is helping to reduce delinquencies on mortgage payments and has spurred some into action to purchase a home, in my view.
I think it is too early to declare the market has hit "rock bottom." The recent signs have shown a "softer" decent, which leads me to believe we are getting closer to the nadir. Much depends on the continued strenghtening of the US economy and the economic situation in your local area.
In the meantime, there are many homeowners who are in a distressed situation. As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help. Please contact me.
Otherwise, if you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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
As of April 2011 CoreLogic estimates there were about 1.7 million homes that were in the foreclosure process. The firm says this is about 18% below the peak and represents a five-month supply of homes at the current sales pace.
Those behind on their mortgates has declined 8.3% in the first quarter of 2011, according to the Mortgagte Bankers Association. The National Association of Realtors reported foreclosures and short sales (i.e., distressed properties) accounted for 31% of existing home sales in May 2011 versus 37% in April 2011.
Excess inventory supply needs to be taken out of the market in order to reach a bottom in the market, in my view. The stabiliztion of the US economy is helping to reduce delinquencies on mortgage payments and has spurred some into action to purchase a home, in my view.
I think it is too early to declare the market has hit "rock bottom." The recent signs have shown a "softer" decent, which leads me to believe we are getting closer to the nadir. Much depends on the continued strenghtening of the US economy and the economic situation in your local area.
In the meantime, there are many homeowners who are in a distressed situation. As a Certified Distressed Property Expert (CDPE) and a Realtor, I can help. Please contact me.
Otherwise, if you are thinking of selling or buying a home, renting out or leasing a home, or require more information, please feel free to contact me.
You can text me or call me at the number below.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-247-3550
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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