Check out this scary satellite view of Tampa Bay FL foreclosures!

November 9, 2011

The national average is depressing enough at 1 in 46 homes being in foreclosure but things get even more bleak when you look at our situation here in Florida. Literally 1 out of every 20 homes in the Tampa Bay area is currently in foreclosure. On the below map the red dots show homes currently in foreclosure.

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U.S. ‘Underwater’ Homeowners Increase to 28.6%, Zillow Reports

November 8, 2011

Underwater HomesNov. 8 (Bloomberg) — The number of U.S. homeowners who owe more than their properties are worth climbed in the third quarter as lenders repossessed fewer houses, Zillow Inc. said.

The share of borrowers with negative equity rose to 28.6 percent, up from 26.8 percent in the second quarter and 23.2 percent a year earlier, the real estate data provider said today. Last quarter’s portion was the biggest since Seattle- based Zillow began tracking the measure in the first quarter of 2009, when 22.3 percent of households were underwater.

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Wells Fargo: Government aid won’t help housing market

November 4, 2011

FORT LAUDERDALE, Fla. – Nov. 4, 2011 – The Obama administration’s plan to help more homeowners refinance underwater mortgages may be a big deal in South Florida, but the lifeline won’t have a significant effect on the nation’s housing market, Wells Fargo Securities predicts.

Nearly half of homeowners with mortgages in Broward and Palm Beach counties are underwater, according to research firm CoreLogic. They’re hoping an expansion of the Home Affordable Refinance Program will help them refinance at current interest rates and get them out from under burdensome mortgages.

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How many foreclosures are currently for sale in Pinellas, Pasco and Hillsborough Counties?

November 1, 2011

Tampa Bay ForeclosuresIn total there are 19,1888 properties for sale in all of Pinellas, Pasco and Hillsborough Counties but only 900 of these are actually foreclosures. This means 4.7% of the homes in the Tampa Bay market that are currently for sale are bank-owned foreclosures.

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Halloween is going to suck this year!

October 30, 2011

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Giving new meaning to being “upside down in your mortgage”

August 24, 2011

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Statistics showing bank-owned and Short Sales sell more than normal listings

July 18, 2011

I’d like to share some interesting statistics with you all. I’ve selected to run these stats for the city of Clearwater, but just about any city in the Tampa Bay area will give you the same results.

Let’s start with the total number of homes in Active status. This gives us 685 single-family houses listed for sale in Clearwater, FL.

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REO agents using low prices like chum to attract buyers

June 17, 2011

Recently I’ve noticed a trend with bank-owned listings. It seems the listing agents are pricing their foreclosures way lower than the bank would ever accept in order to cause a feeding frenzy to ensue.

I liken it to chumming to attract sharks or larger fish. Once the sharks or home buyers and investors have arrived on the scene the biggest shark or buyer with the highest bid wins.

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The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket

May 16, 2011

Here is a new book coming out in September of 2011 to help homeowners deal with foreclosure..

Facing foreclosure? Know your options!

Foreclosures climbed a record 81% in 2008, with over 860,000 families losing their homes. In 2009, an additional 3 million foreclosures are predicted as temporary postponements end and homeowners are increasingly incapable of paying the mortgage during this brutal recession.

If you’re having trouble making your mortgage payments or are already in jeopardy of foreclosure, The Foreclosure Survival Guide compassionately gives you the practical information you need, step by step.

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Secrets to Buying REO Listings

February 23, 2011

An REO listing is a real estate listing owned by a bank typically obtained by the bank via foreclosure on the previous owners. REO stands for “Real Estate Owned,” which if you ask me, is a really stupid name. Why not call these type of listings, “BORE” for Bank Owned Real Estate?” I suppose REO sounds more exciting than BORE now that I think of it.

There are a couple secrets to buying REO’s successfully. And they are worth understanding because foreclosures are the best deals on the market today. Anyone serious about buying for the lowest price should be focused on REO’s.

Secret 1: Don’t trust the MLS listing report
Just because MLS says the listing is Active and available doesn’t mean it really is. If you’re working with a Realtor and you are about to go view some REO listings do yourself and that Realtor a favor by insisting that they call each REO and verify that the REO is really active and available.

Quite often the REO listing agent received a contract already on the property, submitted it to the bank, received a verbal acceptance of the offer, and is simply waiting for the bank to sign the contract. The time between the contract being submitted and being signed by the bank is what we call “REO limbo.” Don’t get sucked into REO limbo! Request that your real estate agent takes the time to call each and every foreclosure that he or she plans to show you and verifies they are really available. You don’t want to waste your time and emotional energy going to see houses that are actually sold. And when a bank “verbally accepts” an offer it is as good as sold. Read more

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