Florida Foreclosures

If the Fed doesn't sell its big stack of securities it can help keep interest rates low in the near term. That will help more Buyers qualify for mortgages. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232586

Jim

Maybe. A downturn in any month is not persuasive to be certain. There is a lot of shadow inventory and there are more ARM loans and Balloons coming due. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232598

Jim

Believing an alternative to foreclosure would save money and shorten the process of taking a Home Citi is preparing a pilot program that would permit Homeowners to remain in their Homes for up to six months. Then, the Owners would walk away. I completed a short sale with Citi and the Servicing company in 2008. It took them over 90 days to respond and approve the sale. I am unimpressed with this company and its ability to do anything timely. And, if Citi intends to report 'lates' on credit during the time that the Owners remain in their Home, a wrecked credit score could limit alternatives for the new Renters. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232590

Jim 

Loan modifications are dramatically below demand for them and the ones moving from the trial period to 'permanent' are again just a fraction of the trials. While the government is working on getting the loan servicers to be more responsive the Owners aren't having much luck, so far. Article here:

 http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232172

Jim

A program to help service men and women who own property may deliver assistance to those troubled by declining values. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=232197

Jim

Prices up for last month but down 25% from a year ago. Sales up but 2/3's of homes bank-owned. Lurking is the shadow inventory. Shadow inventory is property owned by banks but not listed. If added to inventory all at once 'shadow inventory' could precipitate further declines along with expiring government supports like tax credits and/or rising interest rates. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231872

Jim

If the loans were improperly made the big GSA's may be asking the lenders to buy 'em back. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231880

Jim

There has been a lot of hype in the media and from politicians regarding home ownership and how it got out of control. Seems it never actually soared to new heights, by very much. From a 10 year high in 1999, it was less than 2% lower last year. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231876

Jim

There are times when turning a property around in less than 90 days is a win-win for everyone. FHA guidelines relaxed somewhat to accommodate. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=231778

Jim

An earlier post dealt with some of the changes in guidelines soon coming from FHA. The real impact on the market can be guessed at but isn't really known. It's certain that 30% of the market has become FHA borrowing. With low and zero down programs dried up it is possible that those not able to qualify for an FHA mortgage won't find another alternative. On the other hand, back in 2007 when sub-prime ruled, FHA was only 3% of the market. We all know how sub-prime turned out. We are not recovered from it yet. My opinion? FHA needs to stay healthy. For many, it's the only game in town. Article here:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=230604

Your thoughts?

Be careful out there.

Jim