Foreclosure News
December 7, 2010
Foreclosed properties and other distressed sales are dominating the Tampa, FL market, said Stephanie LeFew, owner of Tampa Home Buy Realty. The number of homes there that received a foreclosure notice rose 7 percent in the July-September quarter from the previous quarter, according to foreclosure tracker RealtyTrac Inc.
As the number of foreclosures and filings continue to rise, and the jobs market continues to falter we can all expect prices on housing to fall
November 9, 2010
Unfortunately, Florida continues to lead the nation in mortgage delinquency. Nearly 20% of all borrowers in Florida are 90 days past due or in foreclosure, as of the third quarter. If you include borrowers who are 30-60 days past due, then 1 out of every four Floridians are behind on their loans.
October 26
The recent holds placed on foreclosures will most likely cause a further decrease in pricing for the housing market. About 30% of homes sold are foreclosure or short sales. The longer pricing stays depressed and values do not begin to rise…the more likely there will be defaults by homeowners that are underwater. One in four homeowners are underwater on their property.
Other News…..
A very informative article on our nation’s home foreclosure problem is linked below. According to the article, the crisis seems to be leveling off or stabilizing. It appears that the number of foreclosure notices has declined, but the number of actual foreclosures is still at an all time high. 94,000 homes were foreclosed on by banks in the month of May. Three reasons for the decline in notifications of potential foreclosure to homeowners: 1) Banks are delaying foreclosures to avoid the glut of homes hitting the market; 2)mortgage assistance programs offered by lenders; 3)Consumer protection laws implemented by states. The implicit warning here: if unemployment rates do not decline, mortgage assistance programs fail, and the economy does not improve then a new wave of foreclosures will result in the second half of the year.
Interesting note about the profile of the fastest growing group of foreclosures…This group has fixed rate conventional mortgages and good credit. Until now, most foreclosures have been on mortgages with no or low money down, and adjustable rate mortgages.
One home in 400 in the US is a foreclosure. These homes are sold by banks at a greatly reduced rate and usually at a significantly lower quality. They tend to reduce the value of the properties around them. A Goldman Sachs analyst opines that home prices in the US should continue to decline by 3% over the next year.
VZ Team Receive CDPE Designation
David Vann and Kathryn Krayer Zimring have received the Certified Distressed Property Expert (CDPE) designation. They have worked with sellers and buyers through the arduous short sale process. If you have any questions about the process or need help deciding how to resolve financial issues regarding real estate, please let us advise you.
You would choose an attorney to resolve legal issues. You would choose a doctor to resolve medical problems. You would choose a CPA to resolve tax disputes. We highly recommend choosing a competent, trained real estate agent to resolve real estate challenges. Vann Zimring Team is competent, educated and discrete. We can help you resolve your issues in a manner that best suits your needs. Selling your property may or may not be the best resolution. Consult with Vann Zimring Team to find what options may be available