4.3 Million Foreclosure Victims Offered Independent Case Reviews With Focus On Proper Processes
November 10, 2011
While I’m not so sure I agree with the word “victims” in this article title I still think it holds some merit and deserves to be shared. So many people have either already been kicked out of their homes or are in the process of being given the boot. I agree that improper processes need to be identified and addressed.
Here is the article from yesterday’s NotaryBulletin presented by the National Notary Association.
In what is being considered the first meaningful response to the foreclosure crisis, the federal government has ordered 14 mortgage lenders involved in the “robo-signing” scandal to send letters to 4.3 million consumers who may have been victimized by foreclosure errors and misconduct, paving the way for a massive number of individual case reviews and potential compensation.
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.
U.S. ‘Underwater’ Homeowners Increase to 28.6%, Zillow Reports
November 8, 2011
Nov. 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.
How many properties are for sale right now in Pinellas County?
November 6, 2011
As of November 6, 2011 there are currently 8,262 properties for sale. Here is how those properties are distributed among the various styles:
- Single-family houses – 4,137
- Condos – 2,997
- Tonwhomes – 440
- Manufactured Home/Mobile Homes – 302
- Villas – 276
- Condo-Hotels – 67
- Co-ops – 27
- 1/2 Duplex = 15
- Modular – 1
And after looking up the 1 modular home I now see that this is really a condo and the Realtor has miscategorized it as a modular home.
Housing survey shows link between consumer attitudes, experience
November 5, 2011
WASHINGTON – Nov. 4, 2011 – Fannie Mae’s third quarter National Housing Survey provides in-depth findings on attitudes of consumers who know of people in their area or neighborhood that have defaulted on their mortgage. This latest survey shows that those exposed to default have similar attitudes about buying a home as those who do not know people that have defaulted.
However, the survey also finds greater pessimism about the economy and personal finances among consumers who know defaulters.
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.
Florida’s existing home and condo sales up in September
November 3, 2011
ORLANDO, Fla. – Oct. 20, 2011 – Florida’s existing home and existing condo sales continued their upswing in September, according to the latest housing data released by Florida Realtors®. Existing home sales increased 10 percent last month with a total of 15,036 homes sold statewide compared to 13,723 homes sold in September 2010, according to Florida Realtors.
NAR: Existing home sales off in Sept. but higher than year ago
November 2, 2011
WASHINGTON – Oct. 20, 2011 – U.S. existing home sales were down in September on the heels of a strong gain in August but remain well above a year ago, according to the National Association of Realtors®.
Total existing home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, declined 3.0 percent to a seasonally adjusted annual rate of 4.91 million in September from an upwardly revised 5.06 million in August, but are 11.3 percent above the 4.41 million unit pace in September 2010.
NAR Chief Economist Lawrence Yun said the market has been stable although at low levels, and there is plenty of room for improvement.
How many foreclosures are currently for sale in Pinellas, Pasco and Hillsborough Counties?
November 1, 2011
In 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.
Bank of America offers up to $20,000 to entice short sales
October 20, 2011
By Mark Puente, Times Staff Writer
In Print: Saturday, October 8, 2011
Bank of America is offering up to $20,000 to select Florida homeowners willing to agree to a short sale instead of entering foreclosure.
To sweeten the deal further, the nation’s largest lender will consider waiving the deficiency on the loan, which allows homeowners to sell the house for less then they owe without having to make up the difference to the bank. It can save homeowners thousands of dollars.
Not every Bank of America customer in Florida will be eligible for the program, which pays a minimum cash incentive of $5,000. It’s targeted toward homeowners who cannot afford their mortgages.
To quality, the short sales must be submitted for bank approval by Nov. 30 and must close by Aug. 31. Sales already under contract are not eligible; neither are properties outside of Florida.
UF: Rise in Florida’s consumer confidence
September 30, 2011
GAINESVILLE, Fla. – Sept. 28, 2011 – Florida’s consumer confidence index rose this month to 64, up three points from a revised mark of 61 in August. However, confidence still remains low, according to the University of Florida (UF) survey.
Of the five components used by UF researchers to measure overall confidence, four edged upward. Expectations that personal finances would rise in the coming year went up five points to 78, and consumer anticipation that the U.S. economy will improve in the coming year rose by one point to 52. There was also a four-point increase to 66 in the overall expectation that the country will see economic gains during the next five years. Confidence that now is a good time to purchase retail big-ticket items, such as laptops and cars, rose six points to 74.
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.
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.
Tampa Bay, FL Home Prices over the past 5 Years
February 28, 2011
Tampa Bay, FL Home Prices over the past 10 Years
February 27, 2011
Got an unwanted call from 858-623-5577?
December 3, 2010
If you’re a Realtor getting phone calls from 858-623-5577 and you’re on the Do Not Call Registry please report “Z57 Real Estate Marketing” and Steve Weber, the Founder and CEO, by clicking on the “File a Complaint” button on the left side of the DNC Registry page.
File a complaint with the DNC registry for 858-623-5577
Don’t bother calling 858-623-5577 to tell them you are on the DNC list because obviously they don’t care about your status. The Do Not Call list is readily available to Steve Weber and Z57 Internet Solutions, but they clearly don’t use it.
Report 858-623-5577!
No crystal ball
December 3, 2010
I spent some time tonight looking through all the comments posted on Zillow.com by Realtors back in 2008 and 2009 making predictions about when the real estate market would turn around. Not a single person was even remotely accurate in their forecasts. People were saying things like, “I see the bottom of the market approaching with a probable increase in real estate property values starting around summer of 2009.”
No such luck. Here we are at the very end of 2010 and the bottom is still not here.
Where is the Shadow Inventory?
September 21, 2010
WASHINGTON – Sept. 20, 2010 – For the last year, the real estate industry has been talking about shadow inventory and the coming flood of distressed properties. Where are they?
Here’s what’s happening, according to a recent paper by Alan Mallach, a senior fellow the Brookings Institution:
• Some delinquencies have been resolved through loan modifications or people working out the problems on their own.
• Banks are getting better at managing short sales.
• Investors are aggressively buying up properties, sometimes in bulk, directly from the banks or at courthouse auctions so they don’t hit the market.
The likeliest outcome, Mallach predicts, is a steady flow of foreclosures over a long timeframe that will prevent another crash in home prices – but it will probably lead to low or no appreciation in home prices for a while.
Source: The Wall Street Journal, Nick Timiaros (09/16/2010)
Bill could speed up short sales
September 17, 2010
WASHINGTON – Sept. 17, 2010 – Homeowners underwater on their mortgage may find relief through a bill strongly supported by the National Association of Realtors®. The bill, if passed by Congress and signed by President Obama, would force lenders to respond to a short sale request within 45 days.
The legislation, H.R. 6133, “Prompt Decision for Qualification of Short Sale Act of 2010,” was filed yesterday in Congress by U.S. Reps. Robert Andrews (D-N.J.) and Tom Rooney (R-Fla.).
“The short sale, which requires lender approval, is an important instrument for homeowners who owe more than their home is worth,” says NAR President Vicki Cox Golder. “While the lending community has worked to improve the size and training of their short sales staffs, they still have a long way to go on improving response times. As the leading advocate for homeownership issues, NAR believes that quicker attention to the short sales process is vital to help homeowners … as well as the nation’s economy.”
The number of potential short sale properties is rising across the country. According to NAR data, in the second quarter of 2010, four states have a significant share of properties with short-sale potential: Florida has 27 percent, Nevada 32 percent, California 28 percent, and Arizona 24 percent.
“Unfortunately, homeowners who need to execute a short sale are severely hampered because lenders (loan servicers) are unable to decide whether to approve a short sale within a reasonable amount of time,” Golder said. “Potential homebuyers are walking away from purchasing short sale property because the lender has taken many months and still not responded to their request for an approval of a proposed short sale price. Many consumers have mentioned that the delay in short sale price approval exceeds 90 days, and in many cases never arrives.”
Golder says she commends Reps. Andrews and Rooney for their efforts on the bill and urges Congress to pass the bill quickly.
Is the Apple iPad a good choice for Tampa Bay Realtors?
August 31, 2010
In my opinion the Apple iPad is currently a waste of money for Tampa Bay Realtors. The main problem is that you can’t run Internet Explorer on the iPad. Apple has made sure that only their Safari browser works on the iPad, thus rendering the iPad useless for Tampa Bay Florida Realtors who depend on Internet Explorer to access the Multiple Listing System.
Yes, there are other bells and whistles the iPad offers that could be of benefit to Realtors, but without direct access to MLS I think most Realtors would find the price of the iPad to outweigh it’s value to them. Let’s all hope Apple addresses this issue in the future.
How long can you breathe underwater?
August 27, 2010
Top 10 states with highest share of negative equity mortgages
1. Nevada (68 percent of 592,000 mortgages)
2. Arizona (50 percent of 1.3 million mortgages)
3. Florida (46 percent of 4.5 million mortgages)
4. Michigan (38 percent of 1.4 million mortgages)
5. California (33 percent of 6.9 million mortgages)
6. Georgia (28 percent of 1.6 million mortgages)
7. Idaho (24 percent of 243,000 mortgages)
8. Virginia (23 percent of 1.2 million mortgages)
9. Maryland (22 percent of 1.4 million mortgages)
10. Utah (20 percent of 470,000 mortgages)
Has the Gulf Coast oil spill affected Tampa Bay real estate?
August 23, 2010
This is a question I’ve been asked many times over the past few months. Has the oil spill out in the Gulf of Mexico had a negative impact on demand for real estate in the Tampa Bay area?
From what I know there haven’t been any reports of the oil spill reaching Tampa Bay beaches. At least not yet. Most of the oil damage was up in the Florida panhandle. Scientists are warning everyone that there is a tremendous amount of oil still to wash ashore and it could be years and years before we have any idea about the extent of damage to the environment.
With that said there has been a definite affect on the demand for waterfront real estate in the Tampa Bay area. Buyers for waterfront property have been much more reserved and cautious lately. Nobody wants to buy a waterfront home only to have the white sands and blue waters soon after closing turned into a tar field. This is a rational fear and one I’m not sure how to address. My advice is for buyers to do their homework and make their own educated decision on what they want to do. I share the same fears and cannot predict what will happen with the massive amounts of oil still out there in our Gulf. We can all only hope it doesn’t find its way to our beautiful Gulf beaches.
Am I a “normal” Realtor?
August 4, 2010
There is an article in the August 2010 edition of Florida Realtor” magazine that caught my eye.
Find out how much you have in common with the typical Realtor in Florida.
You’re a normal Realtor in Florida if you have nine years of experience and a personal website, and you performed eight transactions in 2009. According to the 2010 Florida Realtors Member Profile, here are some other characteristics of Florida members:
- 81 percent of members specialize in residential brokerage in Florida and have nine years of experience.
Yes, this describes me. I’m a residential Realtor with about 9 years of experience.
- About two-thirds of all Realtors in Florida reported having a website, one in 10 members reported having a real estate blog and more than half use social media.
I have a real estate blog. You’re actually reading it now. I also have several other real estate sites including a Facebook page and Twitter account.
- The median gross income of Realtors in 2009 in Florida was $34,000.
My gross income in 2009 was significantly above the median gross income.
- The typical Realtor is a 54-year-old white female who attended college and owns a home. In fact, 56 percent of Florida members are female.
I’m a 41-year old white male with a BA in Business Administration, emphasis in marketing, from the University of South Florida. Yes, I’m a home owner.
- The typical Realtor earned 18 percent of his or her business from past customers.
I earn well over 50% of my income from past customers and referrals. And if you’re one of them….thank you!
- Realtors’ media business expenses fell to $4,960.
I spend more than this per year just advertising on Realtor.com.
The complete report is available online at floridarealtors.org/Research/index.cfm
Got an unwanted call from 813-418-6141?
July 21, 2010
If you’re a Realtor getting recorded phone messages from 813-418-6141 and you’re on the Do Not Call Registry please report this company by clicking on the “File a Complaint” button on the left side of the page. Don’t both trying to call 813-418-6141 because the line will always be busy. They are violating the Do Not Call laws and violations can lead to a $11,000 fine.
If you’re not currently on the Do Not Call Registry now would be a great time to add your home and mobile phone numbers. Just fill out the simple form and you’ll soon be added.
If you Google 813-418-6141 you’ll see this number belongs to CaliforniaShowcases.com and realestateshowcases.com. If enough Realtors complain they will pay the price and discontinue this unprofessional practice of continuously spamming us with their recorded telephone solicitations. Please file a complaint. Don’t just hang up in frustration. Be proactive and complain to the Do Not Call Registry that you are listed on their list and still having your privacy rights violated by this company.
National Flood Insurance Program and Homebuyer Tax Credit Closing Deadline Both Extended
July 2, 2010
Congress has passed an extension of the closing deadline for the Homebuyer Tax Credit, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010, that have not yet closed. The legislation is designed to create a seamless extension; the new closing deadline for eligible transactions is now September 30, 2010. There will be no gap between June 30 and the date the President signs the bill into law.
NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the tax credit closing deadline will help provide additional stability to real estate markets across the nation.
Additionally, the Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569), an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010, to the date of enactment of the extension. NAR members sent more than 250,000 letters to Members of Congress encouraging them to extend the program.
Source: National Association of Realtors, Community and Political Affairs & Government Affairs
http://www.realtoractioncenter.com/
Pending home sales drop as expected
July 1, 2010
WASHINGTON – July 1, 2010 – Following a surge driven by the homebuyer tax credit, pending home sales fell, according to the National Association of Realtors® (NAR). To qualify for the credit, homebuyers needed a signed contract by April 30, 2010.
The Pending Home Sales Index (PHSI), a forward-looking indicator, dropped 30.0 percent to 77.6 based on contracts signed in May from a reading of 110.9 in April, and is 15.9 percent below May 2009 when it was 92.3. The falloff comes on the heels of three strong monthly gains as homebuyers rushed to take advantage of the tax credit.
The data reflects contracts and not closings, which normally occur with a lag time of one or two months. However, many closings have been delayed recently from a rush of buyers into the system and slow processing of short sales, in addition to the heavy volume and a more thorough loan underwriting process.
“Consumers are rational and they rushed to meet the (April 30) tax credit eligibility deadline in April,” says NAR chief economist Lawrence Yun. “The sharp decline in contract signings in May is a natural result with similar low levels of sales activity anticipated in June. Surprisingly, though, some local markets such as Portland, Maine, and Jacksonville, Fla., actually experienced an increase in contract signings from a year ago without the tax credit.
“Existing-home sales that close in June will remain elevated, but we’ll then see a notable decline for July and August.” Read more
Show Our Troops We Care
June 30, 2010
A donation buys international calling cards that the USO gives to deployed members of the U.S. armed services – the item most requested by our men and women serving overseas.
Show our American troops we care – donate today!
May shows continued strong pace for existing-home sales
June 23, 2010
WASHINGTON – June 22, 2010 – Existing-home sales remained at elevated levels in May on buyer response to the tax credit, characterized by stabilizing home prices and historically low mortgage interest rates, according to the National Association of Realtors (NAR). Gains in the West and South were offset by a decline in the Northeast; the Midwest was steady.
Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, were at a seasonally adjusted annual rate of 5.66 million units in May, down 2.2 percent from an upwardly revised surge of 5.79 million units in April. May closings are 19.2 percent above the 4.75 million-unit level in May 2009; April sales were revised to show an 8.0 percent monthly gain.
Lawrence Yun, NAR chief economist, said he expects one more month of elevated home sales. “We are witnessing the ongoing effects of the homebuyer tax credit, which we’ll also see in June real estate closings,” he said. “However, approximately 180,000 homebuyers who signed a contract in good faith to receive the tax credit may not be able to finalize by the end of June due to delays in the mortgage process, particularly for short sales. Read more
Florida’s existing home and condo sales rise in May, 2010
June 22, 2010
ORLANDO, FL., June 22, 2010 – Sales of existing homes in Florida rose 18 percent in May, marking 21 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 16,745 single-family existing homes sold statewide last month compared to 14,172 homes sold in May 2009, according to Florida Realtors. The statewide existing-home median price of $140,400 in May was slightly higher – by $300 – than April’s statewide existing-home median price of $140,100. It marks the third month in a row that the statewide existing-home median price has increased over the previous month’s median.
Across the state, a variety of housing opportunities continues to be available at attractive prices while mortgage interest rates remain historically low, said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville.
“Favorable conditions like this spark buyers’ interest,” Davis said. “However, like the rest of the world, Floridians are deeply concerned about the long-term ramifications of the April 20th explosion of BP’s Deepwater Horizon oil rig, which killed 11 people and triggered the oil spill disaster in the Gulf of Mexico.” Read more
Palm Harbor, FL Short Sale and Bank-Owned Statistics
May 20, 2010
My clients regularly ask for my professional opinion on the Tampa Bay area real estate market. Are things turning around or will prices continue to decline? Should I sell my house or attempt to find a tenant?
This week I was asked about the overall real estate market in Palm Harbor, Florida, and specifically, what percentage of homes for sale are short sales or bank-owned. So I set about to get some data for this client that I’ll now share right here for anyone interested in Palm Harbor real estate. Keep in mind that these numbers represent a snapshot in time and may not apply if you’re reading this post at a much later date.
As a general rule there is an inverse relationship between list price and percentage of short sales and bank-owned properties. As list price increase the percentage of listings that are short sales or bank-owned decreases. I’ve known this inverse relationship exists, just by virtue of being a full-time Tampa Bay Florida Realtor, but today was my first day running the numbers.
Palm Harbor, Florida Short Sale and Bank-Owned Statistics
I ran a series of MLS searches in Palm Harbor in $100,000 increments. Afterall, I’m trying to demonstrate that as price increases there are fewer and fewer financially distressed properties on the market.
| $0 – $100k | $101 – $200k | $201 – $300k | $301 – $400k | |
| Total | 12 (100%) | 154 (100%) | 125 (100%) | 78 (100%) |
| Short Sales | 6 (50%) | 41 (27%) | 19 (15.2%) | 7 (8.9%) |
| Bank-Owned | 3 (25%) | 7 (4.5%) | 2 (1.6%) | 0 (0%) |
| Regular | 3 (25%) | 99 (64.3%) | 104 (83.2%) | 71 (91%) |
I’ve called listings that are not short sales and not owned by banks “regular.” In real estate we often term these as “traditional sales.” The point being as price increases the percentage of homes that are financially distressed decreases. In the table above only about 25% of the Palm Harbor Florida listings priced below $100,000 are NOT in financial distress.
I actually ran the numbers for the next 4 $100,000 price increments and the trend continues to the point where there are virtually no financially distressed Palm Harbor listings at the higher end.
| $401 – $500k | $501 – $600k | $601 – $700k | $701 – $800k | |
| Total | 46 (100%) | 19 (100%) | 18 (100%) | 4 (100%) |
| Short Sales | 3 (6.5%) | 1 (5.3%) | 2 (11%) | 0 (0%) |
| Bank-Owned | 1 (2.2%) | 0 (0%) | 0 (0%) | 0 (0%) |
| Regular | 42 (91.3%) | 18 (94.7%) | 16 (88.9%) | 4 (100%) |
I hope brief study helps my Palm Harbor buyers and sellers understand the current ratio of traditional listings to distressed property listings. As is obvious I have refrained from commenting on why these numbers might be important to buyers and sellers of real estate. That will be a different post.
* These numbers only pertain to single-family houses and not condos, townhomes, villas, or land for sale.
* I rounded my numbers off and might not have always done so perfectly.
* The numbers don’t always add up to 100% because there are a few other seldom used categories in MLS, such as “pre-foreclosure” and “in foreclosure.”
