US home foreclosures have dropped for the first time in four years as the economy recovered from a brutal recession triggered by a mortgage meltdown, a real estate data company said Thursday.
Foreclosure filings -- default notices, auctions and bank repossessions -- were reported on 333,837 properties in April, a nine percent decrease from the previous month and a two percent decrease from last year, RealtyTrac said.
This was the first year-over-year drop since the company started tracking annual foreclosure rates in January 2006, nearly two years before the US plunged into recession resulting from a home mortgage crisis.
"There were two important milestones in the April numbers that show foreclosure activity has begun to plateau -- but at a very high level that will not drop off in the near future," said James Saccacio, RealtyTrac's chief executive.
"April was the first month in the history of our report with an annual decrease in US foreclosure activity. Secondly, bank repossessions hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis," he said.
The company expected a similar pattern for most of this year.
Some 92,432 properties were repossessed by lenders in April -- an increase of one percent from the previous month and 45 percent from 2009.
Bank repossessions were less than one percent above their previous peak of 92,182 in December 2009.
Nevada, Arizona, Florida were hit hard by the mortgage crisis.
Nevada posted the nation's highest state foreclosure rate for the 40th straight month, with one in every 69 housing units receiving a foreclosure filing in April -- more than five times the national average.
Source: http://www.france24.com/en/20100513-us-home-foreclosures-drop-first-time-four-years
The Criscitos has been selling South Florida luxury and commercial real estate for over a decade and has sold over $1 billion dollars of property. They work as a multi-lingual team speaking english, Spanish, Italian and Portuguese. They carved out a niche as a leading boutique real estate company with two distinct divisions -residential and commercial- both personally overseeing by Marcela and Anthony Criscito.
Thursday, May 13, 2010
Wednesday, May 12, 2010
S. Florida Real Estate Trying To Come Back
Aided by low interest rates and federal tax credits, sales of single-family homes and condominiums in South Florida roared during the first three months of 2010.
In Miami-Dade County, sales of condos jumped by 46 percent in the first quarter to 1,920 when compared to the same period of time in 2009. However, median home prices fell almost 10 percent to $136,100 according to numbers from Florida Realtors.
Real estate agents told CBS4 news partner the Miami Herald that buyers who were on the fence before are now signing contracts and renters are deciding to own their own place. Buyers had until April 30 to sign a contract to purchase a primary residence and until June 30 to close on it to qualify federal tax credits.
According to the Herald, fewer than 40,000 condominiums and town houses are now for resale in South Florida. Resale units in South Florida have dropped by 23 percent compared to May 2009.
Source: http://cbs4.com/CBS4yourmoney/real.estate.improvement.2.1689894.html
In Miami-Dade County, sales of condos jumped by 46 percent in the first quarter to 1,920 when compared to the same period of time in 2009. However, median home prices fell almost 10 percent to $136,100 according to numbers from Florida Realtors.
Real estate agents told CBS4 news partner the Miami Herald that buyers who were on the fence before are now signing contracts and renters are deciding to own their own place. Buyers had until April 30 to sign a contract to purchase a primary residence and until June 30 to close on it to qualify federal tax credits.
According to the Herald, fewer than 40,000 condominiums and town houses are now for resale in South Florida. Resale units in South Florida have dropped by 23 percent compared to May 2009.
Source: http://cbs4.com/CBS4yourmoney/real.estate.improvement.2.1689894.html
Monday, May 10, 2010
Pending home sales in South Florida jump
Propelled by low prices, attractive interest rates and federal incentives to lock in offers by the month's end, the number of new contracts on South Florida homes soared in April.
Compared with March, pending sales of single-family homes and condominiums increased last month in both Miami-Dade and Broward, mirroring the national upward trend in contracts signed, according to data released Tuesday by the Realtor Association of Greater Miami and the Beaches. Compared with last April, the number skyrocketed.
Pending home sales track signed contracts that haven't yet closed -- a figure that may have been unusually high for April because buyers had to sign contracts by April 30 to qualify for federal tax credits. To finalize the credit -- $8,000 for first-timers, $6,500 for repeat buyers -- they must close by June 30.
The number of pending home sales overall ticked up by 6.6 percent in Miami-Dade in April, with 10,392 compared with 9,751 in March. In Broward, pending home sales increased from 8,173 in March to 8,525 in April, up 4.3 percent.
Those increases represent huge leaps over last year's numbers. In Miami-Dade, pending sales increased 71 percent year over year; the jump was 64 percent in Broward, figures that point to a recovering market, real estate agents and analysts say.
Sales have increased for the past few months as home prices have fallen.
NEARING BOTTOM?
Independent housing analyst Jack McCabe said the market is likely nearing the bottom, but still must deal with foreclosures and short sales, which keep prices low.
``I think we're going to see a pretty decent year as far as sales numbers, but I don't see prices going up,'' he said.
``The state of paralysis, I think, is pretty much over,'' said Terri Bersach, chairman of the association, which released the data with the Southeast Florida Multiple Listing Service.
Nationally, pending home sales increased in March. The index of sales contracts by the National Association of Realtors rose 5.3 percent from February and 21 percent over last March.
DROP PREDICTED
The national association's chief economist, Lawrence Yun, predicted a drop in sales in the near future.
But South Florida agents say they aren't too concerned about the expired credit.
Jo-Ann Forster, a broker associate with Esslinger Wooten Maxwell, said the tax credit was attractive to buyers looking at less expensive properties.
``If you're going to take all of Miami-Dade into consideration, you're going to see a drop-off,'' Forster said. ``If you take our niche markets, I don't think it's going to have a cataclysmic reaction.''
Anthony Askowitz, a broker and owner of two Re/Max offices, said the timing is good because May and June are typically busy sales months.
``If Miami had a season, this is definitely the big season,'' he said.
Source: http://www.miamiherald.com/2010/05/05/1613443/pending-home-sales-jump.html
By HANNAH SAMPSON
hsampson@MiamiHerald.com
Compared with March, pending sales of single-family homes and condominiums increased last month in both Miami-Dade and Broward, mirroring the national upward trend in contracts signed, according to data released Tuesday by the Realtor Association of Greater Miami and the Beaches. Compared with last April, the number skyrocketed.
Pending home sales track signed contracts that haven't yet closed -- a figure that may have been unusually high for April because buyers had to sign contracts by April 30 to qualify for federal tax credits. To finalize the credit -- $8,000 for first-timers, $6,500 for repeat buyers -- they must close by June 30.
The number of pending home sales overall ticked up by 6.6 percent in Miami-Dade in April, with 10,392 compared with 9,751 in March. In Broward, pending home sales increased from 8,173 in March to 8,525 in April, up 4.3 percent.
Those increases represent huge leaps over last year's numbers. In Miami-Dade, pending sales increased 71 percent year over year; the jump was 64 percent in Broward, figures that point to a recovering market, real estate agents and analysts say.
Sales have increased for the past few months as home prices have fallen.
NEARING BOTTOM?
Independent housing analyst Jack McCabe said the market is likely nearing the bottom, but still must deal with foreclosures and short sales, which keep prices low.
``I think we're going to see a pretty decent year as far as sales numbers, but I don't see prices going up,'' he said.
``The state of paralysis, I think, is pretty much over,'' said Terri Bersach, chairman of the association, which released the data with the Southeast Florida Multiple Listing Service.
Nationally, pending home sales increased in March. The index of sales contracts by the National Association of Realtors rose 5.3 percent from February and 21 percent over last March.
DROP PREDICTED
The national association's chief economist, Lawrence Yun, predicted a drop in sales in the near future.
But South Florida agents say they aren't too concerned about the expired credit.
Jo-Ann Forster, a broker associate with Esslinger Wooten Maxwell, said the tax credit was attractive to buyers looking at less expensive properties.
``If you're going to take all of Miami-Dade into consideration, you're going to see a drop-off,'' Forster said. ``If you take our niche markets, I don't think it's going to have a cataclysmic reaction.''
Anthony Askowitz, a broker and owner of two Re/Max offices, said the timing is good because May and June are typically busy sales months.
``If Miami had a season, this is definitely the big season,'' he said.
Source: http://www.miamiherald.com/2010/05/05/1613443/pending-home-sales-jump.html
By HANNAH SAMPSON
hsampson@MiamiHerald.com
Friday, May 7, 2010
Home renovators alert: House passes 'cash-for-caulkers' bill
Homeowners could collect thousands of dollars in Cash for Caulkers rebates for renovating their homes with better insulation and energy-saving windows and doors under a new economic stimulus bill the House passed Thursday.
The Home Star bill, passed 246-161, would authorize $6 billion over two years for a program that supporters — mostly Democrats — said would have the added benefits of invigorating the slumping construction industry and making the earth a little cleaner.
"Home Star is that solid investment that's going to achieve that hat trick of energy savings for the homeowner, of moving toward a cleaner environment and of creating jobs here at home," said bill sponsor Peter Welch, D-Vt.
Republicans overwhelmingly opposed the bill, and they were able to attach a condition that it would be terminated if Democrats do not come up with a way to pay for it.
The measure has come to be dubbed Cash for Caulkers, a takeoff on the popular 2009 Cash for Clunkers initiative that rewarded people for replacing gas-guzzling vehicles with more fuel-efficient models.
President Barack Obama has promoted the bill, which also needs Senate approval.
The initiative is separate from an energy tax credit of up to $1,500 that was included in last year's economic stimulus act. That credit for energy efficiency improvements runs through the end of this year.
Supporters estimate that 3 million households would make use of the new program, saving $9.2 billion in energy costs over a 10-year period. They said it would create 168,000 jobs, mainly in the recession-hit construction industry.
"Nearly one in four workers in the home construction and services industry has been laid off," said Energy and Commerce Committee chairman Henry Waxman, D-Calif. "Passing Home Star says, 'Help is on the way."'
Republicans were more skeptical, saying the price tag was too high at a time of mounting federal debts.
"We are going to authorize $6.6 billion of money we don't have so we can caulk homes?" asked House Republican leader John Boehner of Ohio.
"This is not a terribly bad bill, but it has one fatal flaw: It is not paid for," said Rep. Joe Barton of Texas, top Republican on the energy committee. Democrats argued that the issue of paying for the legislation will come later in the budgetary process, when Congress approves annual spending bills.
Republicans succeeded at the end of the debate in altering the bill to say it will be terminated if it is found to drive up the federal deficit, a provision that will force Democrats to come up with an offset. The Republicans also were able to alter the legislation so that the rebates would go directly to homeowners. In the original version, homeowners were to receive a discount or rebate from a retailer or contractor, who then would apply for payment from the government.
In debate on the bill, Republicans questioned whether the government can run the rebate program fairly and effectively. They said a $4.7 billion weatherization program that was part of last year's economic stimulus act has been slow to provide grants to states.
The Cash for Clunkers program, too, had some problems. An Associated Press study last November found that the program was commonly used by people turning in old pickups for new trucks that got only marginally better gas mileage.
Under Home Star, rebates or discounts would be provided to homeowners at the time of sale. The retailer or contractor then would submit documentation to a processing office which would verify the information and forward the request to the Energy Department for payment.
To prevent fraud, the program would require licensing for all participating contractors and a certain percentage of projects would be inspected.
The bill has two parts: The Silver Star program provides upfront rebates of up to $3,000 for specific energy-efficient improvements in homes, such as installing energy-efficient appliances or duct sealing, insulation or new windows or doors.
A Gold Star program would entitle people to up to $8,000 when they conduct comprehensive energy audits and implement measures that reduce energy use throughout their homes by more than 20 percent.
The bill has the backing of a wide spectrum of environmental and business groups.
"There is strong evidence that temporary, targeted incentive programs like Home Star can generate jobs, investment and economic growth," National Association of Manufacturers president John Engler said at a hearing in March.
With House passage, the bill moves to the Senate, where it most likely will be attached to the next jobs bill.
The legislation also would approve $600 million over two years for grants to states for programs to replace mobile homes with more energy efficient models.
Source: http://www.sun-sentinel.com/business/fl-cash-for-caulkers-20100506,0,3894298.story
By Jim Abrams, Associated Press Writer
The Home Star bill, passed 246-161, would authorize $6 billion over two years for a program that supporters — mostly Democrats — said would have the added benefits of invigorating the slumping construction industry and making the earth a little cleaner.
"Home Star is that solid investment that's going to achieve that hat trick of energy savings for the homeowner, of moving toward a cleaner environment and of creating jobs here at home," said bill sponsor Peter Welch, D-Vt.
Republicans overwhelmingly opposed the bill, and they were able to attach a condition that it would be terminated if Democrats do not come up with a way to pay for it.
The measure has come to be dubbed Cash for Caulkers, a takeoff on the popular 2009 Cash for Clunkers initiative that rewarded people for replacing gas-guzzling vehicles with more fuel-efficient models.
President Barack Obama has promoted the bill, which also needs Senate approval.
The initiative is separate from an energy tax credit of up to $1,500 that was included in last year's economic stimulus act. That credit for energy efficiency improvements runs through the end of this year.
Supporters estimate that 3 million households would make use of the new program, saving $9.2 billion in energy costs over a 10-year period. They said it would create 168,000 jobs, mainly in the recession-hit construction industry.
"Nearly one in four workers in the home construction and services industry has been laid off," said Energy and Commerce Committee chairman Henry Waxman, D-Calif. "Passing Home Star says, 'Help is on the way."'
Republicans were more skeptical, saying the price tag was too high at a time of mounting federal debts.
"We are going to authorize $6.6 billion of money we don't have so we can caulk homes?" asked House Republican leader John Boehner of Ohio.
"This is not a terribly bad bill, but it has one fatal flaw: It is not paid for," said Rep. Joe Barton of Texas, top Republican on the energy committee. Democrats argued that the issue of paying for the legislation will come later in the budgetary process, when Congress approves annual spending bills.
Republicans succeeded at the end of the debate in altering the bill to say it will be terminated if it is found to drive up the federal deficit, a provision that will force Democrats to come up with an offset. The Republicans also were able to alter the legislation so that the rebates would go directly to homeowners. In the original version, homeowners were to receive a discount or rebate from a retailer or contractor, who then would apply for payment from the government.
In debate on the bill, Republicans questioned whether the government can run the rebate program fairly and effectively. They said a $4.7 billion weatherization program that was part of last year's economic stimulus act has been slow to provide grants to states.
The Cash for Clunkers program, too, had some problems. An Associated Press study last November found that the program was commonly used by people turning in old pickups for new trucks that got only marginally better gas mileage.
Under Home Star, rebates or discounts would be provided to homeowners at the time of sale. The retailer or contractor then would submit documentation to a processing office which would verify the information and forward the request to the Energy Department for payment.
To prevent fraud, the program would require licensing for all participating contractors and a certain percentage of projects would be inspected.
The bill has two parts: The Silver Star program provides upfront rebates of up to $3,000 for specific energy-efficient improvements in homes, such as installing energy-efficient appliances or duct sealing, insulation or new windows or doors.
A Gold Star program would entitle people to up to $8,000 when they conduct comprehensive energy audits and implement measures that reduce energy use throughout their homes by more than 20 percent.
The bill has the backing of a wide spectrum of environmental and business groups.
"There is strong evidence that temporary, targeted incentive programs like Home Star can generate jobs, investment and economic growth," National Association of Manufacturers president John Engler said at a hearing in March.
With House passage, the bill moves to the Senate, where it most likely will be attached to the next jobs bill.
The legislation also would approve $600 million over two years for grants to states for programs to replace mobile homes with more energy efficient models.
Source: http://www.sun-sentinel.com/business/fl-cash-for-caulkers-20100506,0,3894298.story
By Jim Abrams, Associated Press Writer
Thursday, May 6, 2010
Solar Mountain developers have big plans
The group interested in buying $190 million in debt tied to the North Miami site of the defunct Biscayne Landing project is proposing to reduce the money it would owe the city by more than $15 million.
The money is tied to a series of city agreements that dictate everything from the rent on the site’s 200-year lease to $28 million Biscayne Landing’s developer agreed to pay the city separately for the right to develop the former landfill into a community of offices, retail and 6,000 residences.
Solar Park Management Corp., which won the auction on the debt last month with a more than $30 million bid, is proposing to reduce its overall payments to the city. The company wants to build an indoor ski and tennis center on the site.
Instead of $25 million for the city’s museum, library and sports training facility, Solar Park, now called Solar Mountain, proposes to pay $7.5 million on unrestricted money.
Additionally, the site’s rent would max out at $4 million a year, instead of $4.2 million.
One feature of the economic study the group submitted to the city also references $795,000 in operating expenditures the city will make on “behalf of the residents, visitors and employees of the development.”
Solar Mountain’s proposal does not address the money the developer is currently required to pay the city for the residences and commercial space it develops in the future.
What would the city get in return? Various payments, including rent to the city during the first 15 months after execution of the new lease would be $12.5 million, which could deliver the money faster than the current payment schedule requires.
Additionally, because there would be no use restrictions on the $7.5 million, the money could be used to shore up the city’s budget, which has a shortfall into the millions.
The city would also get 25 cents from every ticket sold for the park, according to the group’s proposal to the city.
The speed of delivery and the unrestricted use would be attractive to North Miami, which, like every local municipality, is struggling to find millions to shore up its budget, said city Finance Director Carlos Perez, who noted he had not reviewed Solar Mountain’s proposal.
“Where are we going to get $795,000 when we are already [millions] in the hole?” asked Carol Keys, a North Miami resident and owner of Keys Title Co. She said she is worried the city could agree to the changes, reducing its revenue stream for a project that never gets off the ground, which would then be difficult to change again.
Former North Miami Community Redevelopment Agency head Frank Schnidman said allowing the changes without making them contingent on project approval would leave the city vulnerable to a lot of problematic unknowns. Schnidman, a senior fellow at Florida Atlantic University’s Center for Urban Environmental Solutions, said Solar Mountain could not build anything and flip the lease to another group, and the city would be out the millions of dollars that were promised as part of the project.
To buy into Solar Mountain’s vision for the former landfill where Biscayne Landing was planned would require a massive overhaul of the documents that dictate what can be done on the vacant 190-acre site. The economy and the residential real estate meltdown has made it clear that the community of residences, retail and offices once planned for the site, adjacent to Florida International University, is not viable.
Agreeing to Solar Mountain’s vision would also require a revolutionary change in the city’s philosophy. The original vision was not only a way to rehabilitate the former federal Superfund site, but taxes generated by the project were designed to bolster a city with few revenue generators and serve as fuel for North Miami’s burgeoning affordable housing program.
If the buying group can get the restrictions eliminated or reduced, and a new lease, the land’s value would increase significantly, real estate experts say.
The changes would depend on a city council that includes Mayor Andre Pierre. Pierre is the former law partner of Solar Mountain President Marc A. Douthit. Solar Mountain’s VP is Willis Howard, Pierre’s campaign manager for his successful 2009 run. The Pierre connections have prompted concern from some residents that the group is packed with insiders who will get a sweetheart deal.
Both Douthit and Howard insist they have done everything in a transparent way, and that they have put equity and their reputations into the deal, which will ensure the best outcome for the city.
The Solar Mountain project, which is projected to open in 2013, could generate 5,530 construction jobs and has a potential economic impact of $360 million in Miami-Dade County, according to Fishkind & Associates. The Orlando-based firm, which produced an economic study for the buying group, also said the park would generate 480 on-site jobs. Additionally, if there is market demand for residences, the developer could produce 727 multifamily units for a population of about 1,300.
The buying group estimated Solar Mountain's first-year attendance at 2.5 million visitors.
Source: http://southflorida.bizjournals.com/southflorida/stories/2010/05/03/daily75.html
The money is tied to a series of city agreements that dictate everything from the rent on the site’s 200-year lease to $28 million Biscayne Landing’s developer agreed to pay the city separately for the right to develop the former landfill into a community of offices, retail and 6,000 residences.
Solar Park Management Corp., which won the auction on the debt last month with a more than $30 million bid, is proposing to reduce its overall payments to the city. The company wants to build an indoor ski and tennis center on the site.
Instead of $25 million for the city’s museum, library and sports training facility, Solar Park, now called Solar Mountain, proposes to pay $7.5 million on unrestricted money.
Additionally, the site’s rent would max out at $4 million a year, instead of $4.2 million.
One feature of the economic study the group submitted to the city also references $795,000 in operating expenditures the city will make on “behalf of the residents, visitors and employees of the development.”
Solar Mountain’s proposal does not address the money the developer is currently required to pay the city for the residences and commercial space it develops in the future.
What would the city get in return? Various payments, including rent to the city during the first 15 months after execution of the new lease would be $12.5 million, which could deliver the money faster than the current payment schedule requires.
Additionally, because there would be no use restrictions on the $7.5 million, the money could be used to shore up the city’s budget, which has a shortfall into the millions.
The city would also get 25 cents from every ticket sold for the park, according to the group’s proposal to the city.
The speed of delivery and the unrestricted use would be attractive to North Miami, which, like every local municipality, is struggling to find millions to shore up its budget, said city Finance Director Carlos Perez, who noted he had not reviewed Solar Mountain’s proposal.
“Where are we going to get $795,000 when we are already [millions] in the hole?” asked Carol Keys, a North Miami resident and owner of Keys Title Co. She said she is worried the city could agree to the changes, reducing its revenue stream for a project that never gets off the ground, which would then be difficult to change again.
Former North Miami Community Redevelopment Agency head Frank Schnidman said allowing the changes without making them contingent on project approval would leave the city vulnerable to a lot of problematic unknowns. Schnidman, a senior fellow at Florida Atlantic University’s Center for Urban Environmental Solutions, said Solar Mountain could not build anything and flip the lease to another group, and the city would be out the millions of dollars that were promised as part of the project.
To buy into Solar Mountain’s vision for the former landfill where Biscayne Landing was planned would require a massive overhaul of the documents that dictate what can be done on the vacant 190-acre site. The economy and the residential real estate meltdown has made it clear that the community of residences, retail and offices once planned for the site, adjacent to Florida International University, is not viable.
Agreeing to Solar Mountain’s vision would also require a revolutionary change in the city’s philosophy. The original vision was not only a way to rehabilitate the former federal Superfund site, but taxes generated by the project were designed to bolster a city with few revenue generators and serve as fuel for North Miami’s burgeoning affordable housing program.
If the buying group can get the restrictions eliminated or reduced, and a new lease, the land’s value would increase significantly, real estate experts say.
The changes would depend on a city council that includes Mayor Andre Pierre. Pierre is the former law partner of Solar Mountain President Marc A. Douthit. Solar Mountain’s VP is Willis Howard, Pierre’s campaign manager for his successful 2009 run. The Pierre connections have prompted concern from some residents that the group is packed with insiders who will get a sweetheart deal.
Both Douthit and Howard insist they have done everything in a transparent way, and that they have put equity and their reputations into the deal, which will ensure the best outcome for the city.
The Solar Mountain project, which is projected to open in 2013, could generate 5,530 construction jobs and has a potential economic impact of $360 million in Miami-Dade County, according to Fishkind & Associates. The Orlando-based firm, which produced an economic study for the buying group, also said the park would generate 480 on-site jobs. Additionally, if there is market demand for residences, the developer could produce 727 multifamily units for a population of about 1,300.
The buying group estimated Solar Mountain's first-year attendance at 2.5 million visitors.
Source: http://southflorida.bizjournals.com/southflorida/stories/2010/05/03/daily75.html
Wednesday, May 5, 2010
Miami Realtors' group hatches plan to quicken short sales
The Realtor Association of Greater Miami and the Beaches said Wednesday it’s introducing a program to improve the short sale process.
What it didn’t introduce is a whole lot of details.
ShortSaleSolutions will reduce the time for processing short sales and help the market recover, according to the Realtors’ group, which is partnering on the project with the Greater Miami Chamber of Commerce.
RAMB’s press release said participating lenders and mortgage servicers will receive “significant benefits, promotion, exposure and results.” But it didn't say how the program will work.
The release goes on to say that bank participation is critical and that Ocean Bank is among a group of lenders committed to the program.
Exactly how this differs from new short sale guidelines started this spring by the U.S. Treasury remains unclear. RAMB officials did not immediately return calls.
“We see instances where buyers make offers and wait months to hear back from lenders and simply move on," Terri Bersach, chairman of RAMB, said in a statement. "This inactivity and inefficiency represent significant impediments to the South Florida real estate market and markets across the U.S. with a prevalence of upside down mortgages. We are excited about bringing ShortSaleSolutions to lenders and loan servicers and ultimately to Realtors and their clients in order to rid the local market of failed short sales and to reduce foreclosures.”
What it didn’t introduce is a whole lot of details.
ShortSaleSolutions will reduce the time for processing short sales and help the market recover, according to the Realtors’ group, which is partnering on the project with the Greater Miami Chamber of Commerce.
RAMB’s press release said participating lenders and mortgage servicers will receive “significant benefits, promotion, exposure and results.” But it didn't say how the program will work.
The release goes on to say that bank participation is critical and that Ocean Bank is among a group of lenders committed to the program.
Exactly how this differs from new short sale guidelines started this spring by the U.S. Treasury remains unclear. RAMB officials did not immediately return calls.
“We see instances where buyers make offers and wait months to hear back from lenders and simply move on," Terri Bersach, chairman of RAMB, said in a statement. "This inactivity and inefficiency represent significant impediments to the South Florida real estate market and markets across the U.S. with a prevalence of upside down mortgages. We are excited about bringing ShortSaleSolutions to lenders and loan servicers and ultimately to Realtors and their clients in order to rid the local market of failed short sales and to reduce foreclosures.”
Monday, May 3, 2010
Pending home sales skyrocket
It’s a wonder what low prices and federal tax credits can do for home sales.
Roughly 22,000 single-family homes are under contract and waiting to close in Palm Beach, Broward and Miami-Dade counties, according to CondoVultures.com.
That’s the highest total in at least 18 months and a 138 percent increase compared to November 2008, when the Bal Harbour-based consulting firm started tracking weekly sales contracts.
The increased activity means that some buyers are paying more than original asking prices, said Peter Zalewski, a principal at CondoVultures.com.
Still, skeptics wonder about sales once the $8,000 and $6,500 tax credits disappear. The deadline to sign sales contracts was April 30, and buyers must close on the deals by June 30.
Source: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/05/pending_home_sales_skyrocket_1.html
by Paul Owers
Roughly 22,000 single-family homes are under contract and waiting to close in Palm Beach, Broward and Miami-Dade counties, according to CondoVultures.com.
That’s the highest total in at least 18 months and a 138 percent increase compared to November 2008, when the Bal Harbour-based consulting firm started tracking weekly sales contracts.
The increased activity means that some buyers are paying more than original asking prices, said Peter Zalewski, a principal at CondoVultures.com.
Still, skeptics wonder about sales once the $8,000 and $6,500 tax credits disappear. The deadline to sign sales contracts was April 30, and buyers must close on the deals by June 30.
Source: http://weblogs.sun-sentinel.com/business/realestate/housekeys/blog/2010/05/pending_home_sales_skyrocket_1.html
by Paul Owers
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