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

Case-Shiller Home-Price Index November 2011: US Home Prices Keep Falling: Homes For Sale: Homes For Rent

Through November 2011, the Case-Shiller Home-Price Index showed a sequential decline 1.3% for both the 10- and 20-City Composites. The 10- and 20-City Composites posted annual returns of -3.6% and -3.7% versus November 2010, respectively.

US home prices have fallen 33% nationwide since the housing bust; today's US home prices are around the levels of homes sold in 2003. Most housing experts seem to think the large level of vacant homes will keep prices depressed for years to come.

Home experts also indicate home prices are likely to begin rising first in hard-hit areas like Arizona, California, Nevada and Florida. South Florida had experienced a sequential decrease of 0.5% in November 2011 and a 4.4% year-over-year decline in November 2011.

Many economists have compared the current US housing market with the UK market in the 1990s. During that time it took more than four years for home prices to begin to rise again.

Other areas of interest:

November 2011 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)

Boston 150.34 -1.6% -1.1% -1.6%

Chicago 112.46 -3.4% -1.8% -5.9%

Miami 137.47 -0.5% -1.2% -4.4%

Minneapolis 113.25 -0.6% -1.5% -5.0%

New York 165.66 -1.1% -1.5% -2.3%

Tampa 125.32 -1.1% -0.5% -6.1%

Composite-10 151.90 -1.3% -1.2% -3.6%

Composite-20 138.49 -1.3% -1.3% -3.7%

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Robert Shiller (Case-Shiller Housing Index) Talks Real Estate

Professor Robert Shiller, half of the Case-Shiller Home Index team, says US home prices do not seem overpriced on a price-to-income or price-to-rent basis. But, Mr. Shiller recently stated he did not expect home prices are going to start heading up dramatically now.

Also, Mr. Shiller stated that low interest rates do not seem to matter very much in determining home prices.

Another interesting tidbit from Mr. Shiller is that he indicates after most bubbles, there is an "overshoot" on the downside after the bubble bursts.

Based on the information we have from Mr. Shiller, my sense is he believes homes are nearing fair value, but could "overshoot" on the downside from the most recent bubble bursting. He also does not seem to think the Federal Reserve's monetary policy inducing low interest rates will have much of an effect on driving up house prices.

As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.

For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com

Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com

Referrals are appreciated and welcomed.

Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty

Sunday, January 15, 2012

New US Government Plan Could Change The US Housing Market: Homes For Sale: Homes For Rent

We have avocated getting investors more involved in helping to stem the flood of foreclosed properties entering the market. After a dramatic fall in prices, we expect the market to stabilize more quickly with more investor participation in the market.

The Obama administration is very close to announcing a pilot program that would allow the US government to sell foreclosures in bulk to investors as rentals. There are currently a quarter of a million foreclosed properties on the books at Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and one million more are coming out soon.

The Lender Processing Service recent reported late-stage mortgage delinquencies at close to two million. Investors who can raise large sums of cash (i.e., institutional investors) will be able to buy properties on a large scale. We think this will help reduce the potential glut of inventory from these newly foreclosed homes.

Large investors will be able to buy 50-500 properties in one single deal. These big investors would be able to finance more than $1 billion in these type of transactions. The reduction in fear of a large wholesale of new inventory blowing on the market and the amount of time for absorbtion could be eliminated under this new plan. We think this is a good thing for the US housing market.

The added benefit might be to have rental prices even out a bit. The rental market has heated up with all of the recent problems in the market place. As a result, rent prices have been increasing along with demand. The additional rental units from this plan might also stabilize rental prices and ease the potential for inflation, in our view.

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

Will US Home Prices Rise Or Fall In 2012? Homes For Sale: Homes For Rent

We recently published our prediction for the price of US housing for 2012. The bottom line is we do not expect an annual price increase in 2012.

Part of our rationale for the stagnant (at best) market price is the new wave of foreclosures expected to cause excess supply. Banks are expected to deal more aggressively with the 3.5 million seriously delinquent mortgages on the books. Seriously delinquent homes are defined as being four months in arrears.

A recent report from RealtyTrac, an industry data firm, reported 1.9 million US homes were supplied with default notices last year; this is down from 2.9 million in 2010.

It could take a while for the homes to flood the market as the average foreclosure took 806 days in Florida and 1,019 in New York. This contrasts with California's average of 352 days in 2011. The reason being FL and NY have extensive court review foreclosures.

I think the housing market will remain stagnant until the plethora of foreclosures are absorbed. I do not anticipate that will happen in 2012.

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

Lennar Says Orders Are Up Because Of Increasing Price To Rent: Homes For Sale: Homes For Rent

Lennar, one of the largest home builders in the US said the housing market was bottoming out.

Lennar's chief executive, Stuart Miller, said some of the housing markets in the United States were "fundamentally changing" as foreclosure inventories were being taken off the market.

On the most recent Lennar conference call, executives said new homes were selling as a result of high rents, attractive new home prices and low mortgage interest rates.

Buyers might want to move more quickly if they see something they like. And sellers might re-consider a "low-ball" offer if things seem to be moving in the right direction for them.

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, January 1, 2012

Housing Closing Costs: Homes For Sale: Homes For Rent

As a Realtor, I am asked about closing costs. I recommend consulting those who are directly involved in these costs. Please feel free to contact me for contacts in the industry. However, I provide some information below for general discussion.

According to Bankrate.com, the average closing cost in 2011 on a $200,000 home was $4,070; this was an 8.8% over 2010.

Of course, you can get a home loan that do not have closing costs; however, this is usually in exchange for a higher interest rate. Generally speaking, this option makes less sense for those NOT planning on staying in the home for a long time.

Another common question is how can I reduce these costs. Well, one way beyond taking a higher rate (as discussed above), is to buy an expensive home. Lenders tend to waive fees for an $800,000 purchase, more so than a $200,000 purchase.

Also, if you are getting a loan from an institution you have an existing relationship with can help.

Another avenue might be the seller themselves. The weak housing market might have the seller cover the closing costs as part of the sale-- it is still a "buyer's market."

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 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