RealtyTrac, an industry consulting firm, said the time for a bank to take back foreclosed homes has increased 37% in New York from last year. It now takes about two years for the lender to take back a foreclosed property. Some industry experts believe this is because banks cannot afford to take back the homes.
The banks do not want to have inventory of properties whose values have dropped significantly, according to some experts. The banks would have to write-down the losses and raise more capital to be in line with compliance standards.
In the meantime, without taking possession through foreclosures, the banks collect servicing fees on the bad mortgages and the banks do not have to incur other costs, such as lawn maintenance on these homes.
The increased scrutiny of mortgage documents and faulty paperwork is also prolonging the process of foreclosure. According to Rick Sharga of RealtyTrac, it will take between three and four years in order to get loans into foreclosure at the current pace.
I think this means there will be an increase in short sales for distressed homeowners. As a Certified Distressed Property Expert (CDPE) and a Realtor, I am uniquely qualified to help home sellers in this unusual housing market.
To receive more information, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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, May 14, 2011
Tuesday, April 26, 2011
Homes For Sale: Homes For Rent: Case-Shiller Index Update February 2011
United States residential home prices have dropped during the 12 months to February 2011, according to the Case-Shiller Index. The Case-Shiller Index of property values in 20 cities fell 3.3% from February 2010.
The continuation of distressed properties (e.g., foreclosures) are weighing on the prices of homes in the US. “There is very little, if any, good news about housing,” David Blitzer, chairman of the Case-Shiller index committee at S&P, said in a statement. “The 20-city composite is within a hair’s breadth of a double-dip.”
The Miami component of the index saw prices fall 6.2% on a year-over-year basis in February 2011 and Tampa was down 6.0%. On a sequential basis the two segments fell 2.0% and 1.2%, respectively.
Some areas of interest are as follows:
February 2011 February/January January '11/ December '10
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 149.86 -1.5% -0.2% -1.0%
Chicago 113.26 -2.2% -1.8% -7.6%
Miami 138.44 -2.0% -1.3% -6.2%
Minneapolis 109.93 -3.1% -3.3% -8.3%
New York 165.19 -0.5% -1.0% -3.1%
Tampa 128.38 -1.2% -0.5% -6.0%
Composite-10 152.70 -1.1% -1.0% -2.6%
Composite-20 139.27 -1.1% -1.1% -3.3%
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 to contact me.
To receive more information on properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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 continuation of distressed properties (e.g., foreclosures) are weighing on the prices of homes in the US. “There is very little, if any, good news about housing,” David Blitzer, chairman of the Case-Shiller index committee at S&P, said in a statement. “The 20-city composite is within a hair’s breadth of a double-dip.”
The Miami component of the index saw prices fall 6.2% on a year-over-year basis in February 2011 and Tampa was down 6.0%. On a sequential basis the two segments fell 2.0% and 1.2%, respectively.
Some areas of interest are as follows:
February 2011 February/January January '11/ December '10
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 149.86 -1.5% -0.2% -1.0%
Chicago 113.26 -2.2% -1.8% -7.6%
Miami 138.44 -2.0% -1.3% -6.2%
Minneapolis 109.93 -3.1% -3.3% -8.3%
New York 165.19 -0.5% -1.0% -3.1%
Tampa 128.38 -1.2% -0.5% -6.0%
Composite-10 152.70 -1.1% -1.0% -2.6%
Composite-20 139.27 -1.1% -1.1% -3.3%
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 to contact me.
To receive more information on properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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, April 23, 2011
Homes For Sale: Homes For Rent: Quarterly Update: Ambassadors in Highland Beach Florida
Ambassadors consists of 2 oceanfront buildings with 80 units each. Some of the units have amazing direct views of the Atlantic Ocean.
The building is ocean front with private access to the beach. The swimming pool is oceanside with a fitness facility included in the Homeowner's Association fees. There is one covered parking spot per unit and 24-hour manned security gate. Quarterly maintenance includes common area maintenance, security, water, cable, high-speed Internet and trash removal.
During the past twelve months we estimate the median sold information is as follows:
2 bedrooms
2 bathrooms
1,050 square feet
$251,500 sales price
To receive more information on Ambassadors or other other properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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 building is ocean front with private access to the beach. The swimming pool is oceanside with a fitness facility included in the Homeowner's Association fees. There is one covered parking spot per unit and 24-hour manned security gate. Quarterly maintenance includes common area maintenance, security, water, cable, high-speed Internet and trash removal.
During the past twelve months we estimate the median sold information is as follows:
2 bedrooms
2 bathrooms
1,050 square feet
$251,500 sales price
To receive more information on Ambassadors or other other properties in the area, feel free to text me or call me at the number below.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me.
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
Homes For Sale: Homes For Rent: US Monthly House Price Index Declined 1.6% January 2011 to February 2011
US Monthly House Price Index Declined 1.6% January 2011 to February 2011, according to the Federal Housing Finance Agency’s monthly House Price Index. A previously reported 0.3% decrease in January was revised to a 1.0% decrease.
On a year-over-year basis, US house prices declined 5.7% in February 2011. The US Index is about 18.6% below the peak of April 2007 and is about the same level as the February 2004 index level.
With prices continuing to decrease, I think now is a good time for those seeking to purchase a home to begin looking. In my view, the market isslowly decreasing in price and should reach a trough level within the next 12 months-to-18 months; this assumes similar economic trends that we are seeing now.
Each market within the US and each sub-market behave in a slightly different manner. For that reason, I suggest working with a real estate professional that knows respective markets. Although I follow the real estate market on a macro-level, I specialize in the South Florida real estate market.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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
On a year-over-year basis, US house prices declined 5.7% in February 2011. The US Index is about 18.6% below the peak of April 2007 and is about the same level as the February 2004 index level.
With prices continuing to decrease, I think now is a good time for those seeking to purchase a home to begin looking. In my view, the market isslowly decreasing in price and should reach a trough level within the next 12 months-to-18 months; this assumes similar economic trends that we are seeing now.
Each market within the US and each sub-market behave in a slightly different manner. For that reason, I suggest working with a real estate professional that knows respective markets. Although I follow the real estate market on a macro-level, I specialize in the South Florida real estate market.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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
Thursday, April 21, 2011
Homes for Sale: Homes for Rent: Florida's Existing Homes and Condo Sales Increase
Florida’s existing home and existing condo sales rose in March 2011. Existing home sales increased 12 percent last month with a total of 18,522 homes sold statewide compared to 16,540 homes sold in March 2010, according to Florida Realtors.
Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price.
In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.
Essentially, I think more investors are entering the Florida real estate market and relying more on all cash deals. This has helped to increase unit sales while hurting pricing.
We have discussed this in previous posts and I think this is further evidence in the recent real estate market for Florida. I would not be surprised to see this trend continue into the second calendar quarter of 2011.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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
Florida’s median sales price for existing homes last month was $126,300; a year ago, it was $136,000 for a 7 percent decrease. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price.
In Florida’s year-to-year comparison for condos, 9,703 units sold statewide last month compared to 7,830 units in March 2010 for an increase of 24 percent. The statewide existing condo median sales price last month was $84,300; in March 2010 it was $94,800 for an 11 percent decrease. The national median existing condo sales price was $150,400 in February 2011, according to NAR.
Essentially, I think more investors are entering the Florida real estate market and relying more on all cash deals. This has helped to increase unit sales while hurting pricing.
We have discussed this in previous posts and I think this is further evidence in the recent real estate market for Florida. I would not be surprised to see this trend continue into the second calendar quarter of 2011.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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, April 16, 2011
Home For Sale: List of Paperwork Buyers And Sellers Of A Home Should Have Ready
I recently came across a piece on Trulia.com in regards to paperwork for home buyers and home sellers. The discussion below is not exhaustive, but gives those that are thinking of buying or selling a home an idea as to the main documents they will need.
Even though the real estate market is somewhat sluggish, it is best to be prepared because you just never know. Things still tend to happen quickly, so I would recommend having the following paperwork handy from the beginning of the process.
Identification, such as a driver's licence, passport, etc. Lenders and title companies need to be sure the buyer and seller are who they say they are.
Paycheck stubs are required for those seeking a mortgage as well as "short sale" sellers who need to show certain financial hardships.
Bank account statements going back two months for both those getting a mortgage and "short sales".
W-2 forms or tax returns for the past two years.
It is important to keep paperwork current as loan underwriters are known to ask for updated information between accepted contract and actual closing on the home purchase.
Quitclaim deed for married buyers purchasing homes they plan to own as separate property as well as married sellers selling homes that they own separately. The deed signs away all interest they might have had over the selling owner.
Divorce decree for buyers and sellers to ensure they have the right to sell or prove solo status.
Gifting need to confirm in writing the money is a gift and not a loan. The bank wants to be sure the gift came from a relative and that it should not be factored into the debt load.
Compliance certificates are mostly for sellers as some local governments require various condition requirements be met before the property is transferred.
Mortgate statements to be produced by seller with the mortgatge. The title company will need to use them to order payoff demands who has to get paid before title can be transferred.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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
Even though the real estate market is somewhat sluggish, it is best to be prepared because you just never know. Things still tend to happen quickly, so I would recommend having the following paperwork handy from the beginning of the process.
Identification, such as a driver's licence, passport, etc. Lenders and title companies need to be sure the buyer and seller are who they say they are.
Paycheck stubs are required for those seeking a mortgage as well as "short sale" sellers who need to show certain financial hardships.
Bank account statements going back two months for both those getting a mortgage and "short sales".
W-2 forms or tax returns for the past two years.
It is important to keep paperwork current as loan underwriters are known to ask for updated information between accepted contract and actual closing on the home purchase.
Quitclaim deed for married buyers purchasing homes they plan to own as separate property as well as married sellers selling homes that they own separately. The deed signs away all interest they might have had over the selling owner.
Divorce decree for buyers and sellers to ensure they have the right to sell or prove solo status.
Gifting need to confirm in writing the money is a gift and not a loan. The bank wants to be sure the gift came from a relative and that it should not be factored into the debt load.
Compliance certificates are mostly for sellers as some local governments require various condition requirements be met before the property is transferred.
Mortgate statements to be produced by seller with the mortgatge. The title company will need to use them to order payoff demands who has to get paid before title can be transferred.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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
Thursday, April 14, 2011
Homes For Sale: Reasons To Be Optimistic About US Housing Market: Part III
Some experts expect a rise in non-distressed markets when compared with the distressed markets because they do not need to work through a big inventory overhang.
In non-distressed markets the existing home inventory is lower, with some studies putting it at seven months worth of inventory. The theory holds that moderate increase in demand will translate into strong gains in both prices and new construction.
Moody's Analytics expects prices will rise three to four points faster than inflation for the next few years in virtually every non-distressed US home market. Moody's believes prices will increase in line with rents, which are now growing quickly because of a tightening of supply.
Please see our previous posts on individual US housing markets. Also, we argue that even in distressed markets there are strong sub-markets that have not had as big of an impact. We think these areas are also ripe for a rebound in line with the non-distressed markets.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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
In non-distressed markets the existing home inventory is lower, with some studies putting it at seven months worth of inventory. The theory holds that moderate increase in demand will translate into strong gains in both prices and new construction.
Moody's Analytics expects prices will rise three to four points faster than inflation for the next few years in virtually every non-distressed US home market. Moody's believes prices will increase in line with rents, which are now growing quickly because of a tightening of supply.
Please see our previous posts on individual US housing markets. Also, we argue that even in distressed markets there are strong sub-markets that have not had as big of an impact. We think these areas are also ripe for a rebound in line with the non-distressed markets.
If you are thinking of selling or buying a home, or require more information, please feel free to contact me. Please text me your name, phone number and e-mail address to the number below and I will provide information requested.
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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