Miami Florida Real Estate Information.

You may owe federal income taxes in 2013 if you have a short sale, foreclosure

2012-01-10T10:19:00.004-05:00

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Homeowners’ Associations – Friend or Foe?

2011-12-30T12:24:00.000-05:00

Miami Florida Real Estate - 305-929-3326 - Dean & Bonnie Isenberg - Realtors - The I-Team

You’ve probably heard the horror stories—homeowners’ associations nitpicking about insignificant details, tying up property sales with costly lawsuits, or enforcing expensive and unexpected assessments.

But, homeowners’ associations (also called HOAs) can help protect property values, provide great amenities that you couldn’t afford on your own, get you involved with your community, and keep your neighbors from parking cars on their front lawns.

Whether you love, hate, or don’t know much about homeowners’ associations, if you’re thinking about purchasing a home that is affiliated with one, it’s important to do your research. Before you sign on the dotted line, ask these important questions:

Does this home belong to a homeowners’ association?

This question isn’t as simple as you’d think—HOAs aren’t just for condominiums. Don’t assume that just because you’re looking at a townhome, single-family home, or vacation property that you’re in the clear. In fact, according to the Community Association Institute (CAI), four out of five houses built since the late 1990s have an HOA.

Can I see some documentation?

Ask to see the community’s Covenants, Conditions, and Restrictions, commonly known as CC&Rs. These documents are the association’s governing rules, and explain protocol and regulations that officers, homeowners, and tenants are expected to follow. In most cases, CC&Rs are legally enforceable.

In addition to reviewing the CC&Rs, ask to see recent meeting minutes and up-to-date financial statements. These documents will let you know if there are any upcoming assessments in the works and help you determine the overall financial health of the organization.

How are the HOA’s finances managed? How much can I expect to spend?

A well-organized HOA should make very clear the financial responsibilities of its members. Are dues billed monthly, quarterly, or yearly? How much are they? Are there late fees? If a homeowner violates a regulation, are there monetary penalties? Are there limits to the dollar amount and frequency of one-time assessments?

What do my dues cover?

Inclusions vary dramatically and it is safe to assume that the lower your dues, the fewer services, amenities, and utilities are included. In a traditional condominium association, dues may likely include water, cable, ground maintenance, trash, sewer, recreational amenities, parking, security, and more.

HOAs in neighborhoods with single-family homes may cover sidewalks, landscaping, and common areas. Ask to see a comprehensive list of what is included.

How do you like the HOA?

Hit the pavement and ask neighbors about the association. How is the leadership elected? Have you had any negative interactions? How common are expensive assessments?

Can I follow all of the rules?

Before you commit to living in an HOA-affiliated building or neighborhood, take an honest look at the rules and make sure that you are comfortable following every single one. Make sure that your lifestyle fits with the HOA’s parameters. For example, if you’re buying vacation property, make sure that the HOA doesn’t have rules limiting or forbidding owners from renting their property.

Homeowners’ associations can be a good influence on your condo or neighborhood, but only if everyone follows the rules. Understanding the rules and responsibilities before committing to a purchase is crucial to happiness in your new HOA-affiliated home.

Miami Florida Real Estate - 305-929-3326 - Dean & Bonnie Isenberg - Realtors - The I-Team

Mapping the 2010 U.S. Census - Miami Florida Real Estate 305-929-3326

2011-12-09T16:30:00.000-05:00

Where are the people moving ?

Click the link below for the latest census data.

Mapping the 2010 U.S. Census - GotMiami.Com ?

For all your South Florida Real Estate Needs - www.WeSellSouthFlorida.Com

305-929-3326

Successful Home Staging - Miami Florida Realtors - 305-929-3326

2011-11-29T11:45:00.001-05:00

Miami Florida Real Estate Services - Dean & Bonnie Isenberg - 305-929-3326 - Got Miami.Com

On television, online, and in magazines, staging is the word. Real estate experts will tell you that staging your house gives you an edge when trying to sell your house. But what exactly is staging?

Staging is organizing and decorating your home so that potential buyers can really see themselves living there. You don’t have to invest major money into a remodel—this is rarely a cost-effective strategy. Staging is all about highlighting your home’s best attributes and minimizing distractions.

With so many houses on the market, simple staging strategies can give your home the little boost it needs to attract more buyers.

Lose the clutter. Box up trinkets and small appliances. Pay special attention in the kitchen and bathrooms. Emphasize counter space by getting rid of the coffee maker, toaster, mixer, and the like. In the bathroom, hide shampoo bottles and other personal care items.

Clear away personal effects. Potential buyers don’t want to see your Christmas cards on the refrigerator, or your kid’s little league trophy. Same goes for framed family photos, your pet’s belongings, or the stack of books on your nightstand. Buyers won’t be able to picture themselves living in your home if your memories are around every corner.

Clean it up. Now is the time to invest in a cleaning service. Consider hiring a professional cleaning crew to give your home a thorough top-to-bottom cleaning. This might include steam cleaning your carpets. Professionals know how to make your house look and smell brand new!

More light and warmth. Make your home welcoming and inviting by opening curtains and blinds and making sure all rooms are well lit. You might be tempted to keep the temperature low, especially if you’ve already moved out. Before an open house, crank the thermostat up to a comfortable temperature and light the fireplace, if you have one. Creating light and warmth is especially important in the winter months.

Take a critical look at your furniture. YMake sure that your furniture is doing a good job of highlighting a room’s size. Oversized or too much furniture can make a living room feel cramped. On the other hand, small pieces in a large room can make the space seem cavernous and hard to work with.

Be neutral. You might love the bright tropical colors that you hand-selected for each room in your house, but potential buyers might not feel the same, and could be scared off at the thought of repainting multiple rooms. Consider painting walls a more neutral color to appeal to the masses.

Quick fixes. Buyers notice little things like loose trim work, leaky faucets, and crooked cabinets. Invest a small amount of time and money to fix cosmetic issues.

Small touches. Set the dining room table. Place fresh flowers on a dresser. Add luxurious throw pillows to beds. For inspiration, think of your favorite hotel, or pick up an interior design magazine.

Home staging is an easy and affordable way to give your home a little boost, whether you’re still living in it, or if you’ve already moved out. Ask Dean or Bonnie for more staging tips.

Miami Florida Real Estate Services - Dean & Bonnie Isenberg - 305-929-3326 - Got Miami.Com

Florida Markets Dominate REALTOR.com Top Ten Turnaround Report | REALTOR.com® Blogs

2011-11-17T13:13:00.000-05:00

Florida Markets Dominate REALTOR.com Top Ten Turnaround Report | REALTOR.com® Blogs

www.GotMiami.Com - 305-929-3326 - For All Your Real Estate Needs !

2011-11-07T21:24:00.001-05:00

The Real Deal | South Florida Real Estate News

Save money this winter by making your home more efficient. GotMiami.Com - 305-929-3326

2011-10-28T22:36:00.000-04:00

South Florida Real Estate - 305-929-3326 - Got Miami.Com

For most Americans, winter is starting its slow creep back into our lives. The days are getting shorter, the nights are getting colder, and forecasters are predicting a chilly, stormy winter.

As you prepare to crank up the fireplace, put heavy blankets on your bed, and take your sweaters out of storage, consider preparing your home as well. Many homeowners are taken by surprise every year when they receive that first big heating bill, but there are lots of easy ways to get your home ready for Old Man Winter.

Give your furnace some TLC. Many homeowners don’t know that a furnace needs to be serviced once a year. A technician will inspect your furnace, clean the burners, and make sure that it’s working as efficiently as possible. Also, don’t forget to change your filter every one to three months, depending on how much you use it. When your filter is dirty, your furnace has to work harder to heat your home. Furnace filters are inexpensive and easy to install.

Install a programmable thermostat. For between $50 and $200, a programmable thermostat can save you 15% a month on your heating bill. Programmable thermostats allow you to set schedules for increasing or lowering temperatures. For example, instead of heating your home all day while you’re at work, you can set the thermostat to come on 15 minutes before you come home. Also, a programmable thermostat can be set to lower the temperature at night or while you’re on vacation.

Only heat the rooms you use. Do you have a guest room or office that is rarely used? Close the vent or turn off the baseboard heater and shut the door. There’s no reason to heat a room that nobody is using. Have a gas fireplace in the living room? If you spend your evenings in the living room, turn off your furnace and use only the fireplace to heat the room.

Check for drafts. Windows and doors can let lots of heat out. Add inexpensive weather stripping around doors and window seals to keep heat in. Consider upgrading insulation or replacing single-pane windows in older homes.

Ask the experts. Your local utility company likely offers a free energy audit. Check their website for dates and times they’ll be in your neighborhood. If your utility provider doesn’t offer this service, many not-for-profit organizations or government entities do. An auditor will visit your home and make recommendations for energy saving improvements of all types.

Rebates - Save even more money! If you decide to make major improvements to your home this winter, check for rebates. Local, state, and federal governments frequently offer tax breaks or rebates for energy-saving upgrades, as do many utility companies. Research offers online, at your local hardware store, or with the contractor who will be doing the work.

Implementing these changes to your home is not only good for the environment, but you’ll also end the winter with more money in your pocket.

South Florida Real Estate - 305-929-3326 - Got Miami.Com

Downtown Miami Readies for $170M Condo Project - GotMiami.Com

2011-10-24T00:17:00.001-04:00

Miami Florida Real Estate Information - The I-Team - 305-929-3326 - GotMiami.Com

MIAMI- New condos will soon rise out of the dirt in Miami’s urban core. Newgard Development Group becomes the first to conceive a condo project since 2008—and it’s planned for the Brickell Financial District. Dubbed BrickellHouse, the 46-story luxury residential tower will break ground in the second quarter of 2012 and should open its doors in 2014.
“The launch of BrickellHouse is yet another indication of the strong demand for urban living in Miami,” Alyce Robertson, executive director of the Miami Downtown Development Authority, tells GlobeSt.com. “With occupancy at over 85% and rental demand still high, the residential condominium market in downtown Miami is on solid footing.”
Few thought Robertson would say words like those so soon. The building boom downtown saw more than 23,000 units come online between 2003 and 2008. Now, only 4,000 units are left and fewer than 1,500 of those are in the Brickell Financial District, according to a June 2011 market study by the Miami Downtown Development Authority. What’s more, condo prices are rising downtown. The average sale price of units sold during the first half of 2011 was nearly 5% higher than during the same period in 2010.
The $170 million BrickellHouse is will offer 374 residential units. Residences will feature private balconies with views of Biscayne Bay and the Brickell Financial District, gourmet kitchens and bathrooms with imported European cabinetry and premium appliances and finishes. Pre-construction start at under $200,000. The project will also include street-level office, restaurant and retail space, including Meat Market Steakhouse.
BrickellHouse will boast the district’s first rooftop sky deck and pool on the tower's 46th floor, a health spa and fitness center, high-definition screening room, private owner's lounge, high-speed elevators and wireless internet throughout all common areas. BrickellHouse is being designed to achieve LEED certification from the US Green Building Council. The project will cater to both local and new-to-market buyers, as well as a resurgent international clientele.
“The BrickellHouse launch comes just as the availability of premium residential product expires and savvy buyers are looking to make their next move,” Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, the brokerage firm charged with selling the tower's units, said in a statement. “Domestic and international purchasers see tremendous value in Miami's real estate market, stemming from the city's global destination status, burgeoning urban core, connectivity with Latin America and Europe and occupancy rate.”

Why Buying Is Better Than Renting In This Market.

2011-10-06T09:18:00.002-04:00

Are you looking for properties or information about Real Estate in Miami ?

If so, please visit GotMiami.Com or call us at 305-929-3326 for more information.

When you’re thinking about buying your first home, it’s essential for you to be confident in your decision to buy instead of rent. However, you may not know about the many great reasons to buy a home! Here are just a few of them:

Smart investment
When you invest in a home, it offers the possibility for appreciation in value. The equity becomes yours when you’re still paying off your mortgage. You even get to live in it while your investment matures.

Tax advantages
Since both mortgage interest and property taxes are tax deductible, homeownership can save you significant amounts of money every year.

Planned housing costs
You decide how much you spend on your home, including repairs and improvements. Unlike renters, homeowners with a fixed-rate loan can lock in their monthly housing costs.

Improvements to your taste
You can choose which improvements to make your own property, such as a deck, kitchen remodel, or new paint, instead of needing permission from your landlord.

If you have more questions about making the decision to buy a home, please feel free to call or email.

Please visit www.GotMiami.Com or call us at 305-929-3326 for more information.

Home listing prices rising in Florida. Miami Florida Real Estate

2011-09-26T21:58:00.000-04:00

Looking for South Florida Real Estate ? Visit Got-Miami.Com for more information.

Call 305-929-3326 for the latest information.

Home listing prices rising in Florida

Prices are rising in Florida.

Florida cities have had the largest year-over-year increases in average list prices, according to the latest real estate data from Realtor.com. Based on August data of 2.2 million listings in 146 markets, Florida cities make up nine of the top 10 places for highest year-over-year list price spikes.

Nationwide, the average list price is $320,325, up 2.36 percent year-over-year.

Here are the top 15 cities boasting the highest percentage of year-over-year increases in average list prices.

1. Miami
Average list price: $640,332
Year-over-year increase: 27.4%

2. Fort Myers-Cape Coral, Fla.
Average list price: $443,570
Year-over-year increase: 26.27%

3. Central-Fla. rural service area
Average list price: $405,809
Year-over-year increase: 19.41%

4. Punta Gorda, Fla.
Average list price: $267,066
Year-over-year increase: 16.37%

5. Macon, Ga.
Average list price: $193,520
Year-over-year increase: 15.98%

6. Sarasota-Bradenton, Fla.
Average list price: $466,785
Year-over-year increase: 15.86%

7. Naples, Fla.
Average list price: $713,087
Year-over-year increase: 15.13%

8. West Palm Beach-Boca Raton, Fla.
Average list price: $591,895
Year-over-year increase: 14.68%

9. Ocala, Fla.
Average list price: $193,360
Year-over-year increase: 12.07%

10. Lakeland-Winter Haven, Fla.
Average list price: $181,409
Year-over-year increase: 11.48%

11. Orlando, Fla.
Average list price: $319,419
Year-over-year increase: 10.56%

12. Portland-Vancouver, Ore.-Wash.
Average list price: $314,537
Year-over-year increase: 10.52%

13. Boise City, Idaho
Average list price: $212,588
Year-over-year increase: 10.43%

14. Springfield, Illinois
Average list price: $174,537
Year-over-year increase: 9.12%

15. Shreveport-Bossier City, La.
Average list price: $211,414
Year-over-year increase: 8.34%
Looking for South Florida Real Estate ? Visit Got-Miami.Com for more information.

Call 305-929-3326 for the latest information.

Source: Melissa Dittmann Tracey, Realtor® Magazine Daily News

© 2011 Florida Realtors®

Attention ANDROID users Miami Real Estate Services For The Android Smart Phone

2011-09-23T19:40:00.000-04:00

**Attention ANDROID users**
Now you can search my Real Estate web site "Got Miami.Com" from your smart phone. Visit the "Andriod Market" and search "Miami Florida Real Estate" or click on this link ----> https://market.android.com/details?id=com.custom.androidapps.gotmiami

You can also scan the QR Code and download it directly to your phone.

Thank you and if you have any questions or want an app designed for your website, please feel free to call. 305-929-3326

2011-09-23T19:11:00.000-04:00

Got Miami Beach Real Estate ? Visit Got Miami Beach.Com

Donald J. Pliner and his wife, Lisa, are hoping a new agent – and a lower listing price – will help move their Moroccan-style home at 29 Star Island.
The couple watched as other homes on the Miami Beach island have moved in recent months. Those include Casa Di Paolo, the 1925 Walter C. De Garmo-designed home at 27 Star Island, and 45 Star Island, which was purchased by Miami attorney Roy Black and his wife, Lea.
The Pliners’ 10,160-square-foot manse offers a pricey feel of old Morocco. Its former asking price of $24 million has been dropped to $19.99 million. Buyers agents Dean & Bonnie Isenberg with Turnberry International Realtynal Realty, think the price is right. Hard negotiators or bargain hunters needn’t apply. Visit Got Miami Beach.Com for more information or call us at 305-929-3326

How to Make Rooms in Your Home Look Larger with Lighting

2011-09-23T11:56:00.000-04:00

Miami Florida Real Estate - 305-936-2489- Dean & Bonnie Isenberg - The "I-Team"

A bright and well-lit home can dramatically change the mood of your home and help you feel relaxed and comfortable all year long. Here are some tips to lighten up your home and make the rooms look big and inviting:

Choose different types of lighting to avoid the expense of installing windows or skylights. Lamps or other accent lighting can make a dull room appear elegant or small rooms seem larger.

If you have a room with a dark wall or a narrow, dark hallway, hang a group of pictures and light them with adjustable halogen track lighting to create the effect of a photo gallery.

Paint ceilings a light color to avoid making them seem lower than they are and give the room a cramped feel.

Use color to add cheer to a room. Pink and green tones have a calming effect while darker colors, such as red, tend to cause agitation. Neutral wall tones create a harmonious environment. Bright colors should be used as accents in pillows, artwork or flowers.

When selecting paint, tape large color chips together on a wall to get a better idea of the shades you like. When you’ve narrowed your choices down, buy a quart of 2 or 3 colors and paint 1 or 2 foot squares next to each other on both shaded and brightly lit walls. Choose the color that looks best in both kinds of light.

Call or send us an email if you’d like the names of decorators, contractors, or other service providers.

Thank You !

Dean & Bonnie Isenberg

305-936-2489

www.GotMiami.Com

Turnberry International Realty

5 Budget-Friendly Bathroom Spruce-Ups - Miami Real Estate 305-929-3326

2011-09-01T08:49:00.000-04:00

Miami Florida Real Estate - 305-929-3326 - Got Miami.Com

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You’ve probably heard from friends, real estate professionals, and on television that bathrooms and kitchens sell houses.

But what happens if you are preparing your home for sale and you don’t have the money or interest in spending thousands of dollars renovating bathrooms that you won’t be around to enjoy? Many sellers also report that their buyers feel more comfortable when the information from a pre-sale inspection is shared early on, even if the buyers choose to have their own home inspection as well.

There are many quick, easy, do-it-yourself ways to bring out the best in your home’s bathrooms that will impress buyers and leave your wallet intact.

Declutter
Cost: $0. Nothing makes small bathrooms look bigger and more luxurious than open space. Clear extra items like toothbrush holders and personal care tools off of counters to reveal wide-open countertops. Tidy up your shower and bath area and get rid of extra bottles.

Paint
Cost: $25-$50. Give your bathrooms a facelift with a fresh, modern color. One can of paint from your local hardware store should be enough to cover most small bathrooms. Add a few tools like brushes, drop cloths, and rollers and you’re on your way. Pick up your favorite home décor magazine or search online for color inspiration.

Redecorate
Cost: $50-$200. Choose a new look and feel for your bathroom. Search your local discount stores, which offer great deals on home accents. Pick up some luxe towels and rugs, soothing candles, and accent pieces to give your bathroom a relaxing spa feel. Consider an age- and gender-neutral theme to appeal to more buyers.

Declutter
Cost: $0. Nothing makes small bathrooms look bigger and more luxurious than open space. Clear extra items like toothbrush holders and personal care tools off of counters to reveal wide-open countertops. Tidy up your shower and bath area and get rid of extra bottles.

Update fixtures
Cost: $100-$300. Outdated fixtures can easily make your bathroom look dated. A small investment in new faucets, lighting, and even towel racks can bring your bathroom into this century and make older tubs, toilets, and sinks look new again.

Replace vanity and mirror
Cost: $300-$800. If your cabinets, surfaces, and sink are truly an eyesore, consider buying a new vanity. At your local home improvement store, you can find easy-to-install combination packages that include a standalone cabinet, sink, hardware, and instructions. Hang a new mirror and give your bathroom a fresh look.

For More Information, please call us at 305-929-3326 or visit us online @ www.GotMiami.Com

Selling Your Home? Get a Pre-Sale Inspection.

2011-08-25T21:15:00.000-04:00

Dean Isenberg - 800-819-5466 - South Florida Realtor - Got Miami ?

Most people think a home inspection is something that happens somewhere between making an offer and before closing on a home. But for a number of reasons, more homeowners are choosing to have their own home inspected before putting it on the market.

The reason is simple: uncovering problems early on enables you to fix them, often making it possible to add value to your sale price. An inspection is designed to reveal any potential problems a house may have—and that’s true for both buyers and sellers. Sellers may benefit from gaining this kind of detailed information about their home, so that they can choose to handle problems long before the negotiation process is underway.

Many sellers also report that their buyers feel more comfortable when the information from a pre-sale inspection is shared early on, even if the buyers choose to have their own home inspection as well.

In short, a pre-sale inspection can reduce the chance of a surprise and help speed the closing process, which would otherwise have been delayed by scheduling repairs and having the buyers confirm they were completed properly. Because for buyers, making an offer contingent upon a home inspection is about saving expenses and trouble—not to mention providing confidence in what may well be the biggest investment they ever make.

Even if you’re not a buyer making an offer, or a seller thinking of listing a home in the next few months, a home inspection can provide homeowners with a thorough to-do list for maintenance—or even a little peace of mind.

Call the "I-Team" for more information - 305-929-3326 or visit GotMiami.Com

Housing expected to improve over last year - Dean Isenberg

2011-07-19T16:40:00.000-04:00

Housing expected to improve over last year - Dean Isenberg - 305-929-3326 - South Florida Real Estate

The U.S. housing market, aided by a recovering rental sector, is unlikely to experience a “double-dip” setback, Freddie Mac said Monday.

In its U.S. Economic and Housing Market Outlook for July, the Federal Home Loan Mortgage Corp. said housing likely will follow the performance of the overall economy for the rest of 2011. Additionally, home sales are projected to be above last year’s numbers by 3- to 5 percent.

The report also indicated that despite record levels of homebuyer affordability and historically low mortgage rates, households were concerned about their financial futures and were holding off making major purchases, notably homes.

The rental housing market showed the clearest signs of a turnaround with the apartment property price index showing a 15.2 percent gain over the year through the first quarter of 2011.

“Following June’s labor market report, households are naturally concerned about their financial futures, which is being reflected in the housing market,” said Frank Nothaft, Freddie Mac’s vice president and chief economist. “Yet, the single-family market will likely improve over the balance of 2011, in keeping with positive [gross domestic product] forecasts for the United States.”

Copyright © 2011 United Press International Inc.

Secret’ short sale reward in Florida? Miami Short Sales 800-819-5466

2011-06-29T14:24:00.000-04:00

Miami Florida Real Estate - 800-819-5466 - Got Miami.Com ?

FORT LAUDERDALE, Fla. – Two lending giants are reportedly offering homeowners who are behind on their mortgage a cash reward to agree to a short sale in Florida.

JPMorgan Chase & Co. and Wells Fargo & Co. aren’t releasing many details about the short-sale incentives, but defaulting homeowners in Florida have confirmed that they’ve received anywhere from $10,000 to $20,000 from the banks in order to agree to a short sale.

To help homeowners avoid foreclosure, banks have offered a “cash for keys” program, offering money in exchange for surrendering the home, but banks offering incentives for a short sale would be new, industry insiders say. Usually the perception is that banks agree to do a short-sale transaction as almost a favor for homeowners, experts note.

The banks won’t say why only some homeowners are being chosen to receive the cash incentives, nor its criteria for choosing who gets the reward, only saying it’s determined by “individual circumstances,” according to the Florida Sun-Sentinel.

The short-sale incentives are a way for the two banks to write off the bad loans as soon as possible and avoid the lengthy process of foreclosure, experts say.

Wells Fargo says it offers the cash incentives to homeowners in Florida and other states "where the foreclosure process is lengthening," spokesman Tom Goyda told the Florida Sun-Sentinel.

In the first three months of 2011, the average foreclosure in Florida took 619 days, according to RealtyTrac Inc.

Source: “Chase Borrowers Getting Cash to Complete Short Sales,” South Florida Sun-Sentinel (June 27, 2011)

© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688

Florida’s existing home, condo sales rise in 1Q 2011 www.GotMiami.Com ?

2011-05-11T11:10:00.000-04:00

Miami Real Estate – Florida’s existing home and existing condo sales rose in first quarter 2011 compared to the same period a year earlier, according to the latest housing statistics from Florida Realtors®. Existing home sales increased 13 percent in 1Q 2011 with a total of 44,531 homes sold statewide; during the same period the year before, a total of 39,406 homes changed hands according to Florida Realtors. Statewide sales of existing condos in the first quarter rose 29 percent compared to the year-ago sales figure.

The statewide existing-home median sales price was $123,600 for the three-month period; in 1Q 2010, it was $131,100 for a decrease of 6 percent. Seventeen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in 1Q 2011 compared to the same three-month-period a year earlier, while 18 of the MSAs showed gains in condo sales, according to Florida Realtors.

Looking at Florida’s housing sector in the first quarter of 2011, Dr. Sean Snaith, director of the University of Central Florida’s Institute for Economic Competitiveness, pointed out that the recovery is gaining strength. “Florida Realtors’ first quarter report shows sales picking up significant momentum after decelerating in the fourth quarter of last year, though prices are continuing to slip,” Snaith said. “The labor market recovery is just starting to blossom – once it is in full bloom it will provide some needed curb appeal for Florida’s struggling housing market by creating a new pool of qualified buyers and preventing other homeowners from falling victim to foreclosure.

“Distressed properties are proving to be an ongoing complication in the healing process of Florida’s housing market,” he added. “The foreclosure moratorium and Florida’s overburdened court system have slowed the process of handling foreclosures. Until these properties can move through this process, complete recovery will be difficult to attain.”

In the year-to-year quarterly comparison for existing condo sales, 23,375 units sold statewide in the first quarter compared to 18,170 units in 1Q 2010 for a 29 percent increase. The statewide existing-condo median sales price was $80,700 in 1Q 2011; a year earlier, it was $96,100 for a decrease of 16 percent. Sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes, according to the National Association of Realtors® (NAR). The median is a typical market price where half the homes sold for more, half for less.

Low mortgage rates continued to be available during the first quarter of the year. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 4.85 percent in 1Q 2011; one year earlier, it averaged 5.0 percent.

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Florida has second-most ‘good neighbors’ Got Miami.Com ?

2011-05-10T09:11:00.000-04:00

South Florida Real Estate – Perhaps some states are more neighborly than others; or perhaps some states apply for the National Association of Realtors®’ Good Neighbor Awards more than others. In either case, California and Florida have tallied the most Good Neighbors with 14 and 11, respectively, in the 11 years since the program started in 2000.

The Good Neighbor Awards recognize Realtors who have made a difference in their communities through volunteer work. In 2011, five winners will receive $10,000 grants for their charities and $2,000 gift cards from Lowe’s. Five honorable mentions will also receive $2,500 grants and $1,000 gift cards.

NAR says that 18 states – Alabama, Alaska, Connecticut, Delaware, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, New Hampshire, North Dakota, Oklahoma, South Carolina, South Dakota, Vermont, Wisconsin and Wyoming – have not had any Good Neighbor Award recipients.

The deadline to nominate good neighbors for the 2011 contest is May 20. For more information, visit NAR’s site at: www.Realtor.org/gna.

Number of past Good Neighbor Award winners by state

Alabama: 0
Alaska: 0
Arizona: 6
Arkansas: 1
California: 14
Colorado: 3
Connecticut: 0
Delaware: 0
Florida: 11
Georgia: 6
Hawaii: 1
Idaho: 1
Illinois: 3
Indiana: 1
Iowa: 0
Kansas: 0
Kentucky: 1
Louisiana: 1
Maine: 0
Maryland: 3
Massachusetts: 5
Michigan: 3
Minnesota: 3
Mississippi: 0
Missouri: 2
Montana: 0
Nebraska: 0
Nevada: 1
New Hampshire: 0
New Jersey: 3
New Mexico: 1
New York: 1
North Carolina: 4
North Dakota: 0
Ohio: 2
Oklahoma: 0
Oregon: 3
Pennsylvania: 3
Rhode Island: 3
South Carolina: 0
South Dakota: 0
Tennessee: 3
Texas: 4
Utah: 2
Vermont: 0
Virginia: 8
West Virginia: 1
Washington, D.C.: 1
Wisconsin: 0
Wyoming: 0

Refinance activity up as interest rates fall to five-month lows. Aventura, Florida Real Estate

2011-05-05T08:47:00.000-04:00

Aventura, Florida Real Estate Services - Dean Isenberg - 305-936-2489

Refinancing activity rose by 4 percent last week as interest rates dropped to their lowest levels in five months, according to data from the Mortgage Bankers Association for the week that ended April 29. While mortgage applications for refinancing rose week-over-week, though, purchase applications remained relatively steady, up only 0.3 percent from last week and still 36.9 percent below their level one year ago. The average contract interest rate for the 30-year fixed-rate mortgage dipped to 4.76 percent, down from 4.8 percent one week ago, for its third straight weekly decline. Interest rates for the 15-year mortgage also fell to 3.96 percent from 4.03 percent week-over-week

Aventura, Florida Real Estate Services - Dean Isenberg - 305-936-2489

Miami home sales hit 5-year high - GotMiami.Com ?

2011-05-05T08:42:00.000-04:00

Miami Florida Real Estate - 800-819-5466

The Miami housing market saw its highest level of sales activity in more than five years during the first quarter, with all-cash purchases accounting for close to two-thirds of that, according to the first-ever Miami housing market report by Douglas Elliman Florida, which was prepared by appraisal firm Miller Samuel and released today.

Sales of condos, townhouses and single-family homes rose by 25.9 percent year-over-year, and cash purchases rose by 12 percent during that time period, the report says. Meanwhile, average sales prices were down by 14 percent from last year, reaching a five-year low of $260,918 as distressed properties took an increasing share of the market and remained stable pricewise.

However, the gap between asking and selling prices narrowed to 8.3 percent from 11.6 percent during the first quarter of 2010, and listings were sold by an average of one week faster than they were last year at this time.

Miami Florida Real Estate - 800-819-5466

Foreclosure relief program launches in Florida.

2011-04-19T21:37:00.000-04:00

Miami Florida Real Estate - Miami Homes - Miami Beach Homes - 800-819-5466

TALLAHASSEE, Fla. – A $1 billion program expected to help 40,000 Floridians stave off foreclosure opened statewide Monday, setting off a first-come, first-served rush for government-aided mortgage payments.

The Florida Hardest Hit Fund program, administered by the Florida Housing Finance Corp., is designed to aid unemployed homeowners by paying their mortgages for up to six months, or helping them get caught up on as much as $6,000 in past due payments.

“For the homeowners who qualify, this temporary relief from their mortgage payments will provide some ‘breathing room’ so they can focus on becoming re-employed at a level that will allow them to resume making payments on their own,” Steve Auger, executive director of Florida Housing, said in a statement.

Housing agencies and homeowner help centers reported lots of interest and few hiccups with the online-only application process.

“Needless to say, people were waiting by their computers this morning and have been busy all day,” said Reg Froese, director of homeownership preservation for Neighborhood Housing Services of South Florida.

By midday Monday, about 50 program applicants were referred to NHSSF by Florida Housing, which hands over completed applications to several housing agencies across the state. NHSSF also had about 70 applicants waiting to get help with the program before it launched statewide, Froese said.

Florida Housing spent five months monitoring and tweaking the program during a pilot run in Lee County.

After the pilot, the program parameters and requirements changed. The amount of aid available to homeowners was reduced and participants are now required to contribute at least $70 each month towards their mortgage.

A spokeswoman for Florida Housing said it was too early to gauge the level of interest on the first day of the program’s launch, but data on the number of applications received would be available Friday.

In order to qualify, a homeowner must be unemployed or underemployed, and must be no more than six months behind on mortgage payments. The program is only for primary, or “owner-occupied,” residences.

In South Florida, where unemployment remains in the double-digits, and hundreds of thousands of mortgages are delinquent, interest in the program is likely to be high until the $1 billion in funding runs out.

Ray Payano, a Cutler Bay homeowner who lost his job last year and fell behind on mortgage payments before starting his own business, said he was preparing to apply for the program on Monday.

“I haven’t had a chance to do it yet, but I plan to fill out the application,” he said.

New-home construction rises to six-month high. 800-819-5466

2011-04-19T15:36:00.000-04:00

South Florida Real Estate - Aventura and Sunny Isles Real Estate

WASHINGTON (AP) – Builders broke ground last month on the most new homes in six months, giving the weak U.S. housing market a slight boost at the start of the spring buying season.

Home construction rose 7.2 percent in March from February to a seasonally adjusted 549,000 units, the Commerce Department said Tuesday. Building permits, an indicator of future construction, rose 11.2 percent after hitting a five-decade low in February.

Still, the building pace is far below the 1.2 million units a year that economists consider healthy. And March’s improvement came after construction fell in February to its second-lowest level on records dating back more than a half-century.

Millions of foreclosures have forced home prices down. In some cities, prices are half of what they were before the housing market collapsed in 2006 and 2007. And more foreclosures are expected this year. Tight credit has made mortgage loans tough to get. Many would-be buyers who could qualify for loans are reluctant to shop, fearing that prices will fall even further.

A sign of the battered industry is the number of new homes finished and ready to sell dropped in March to a seasonally adjusted 509,000 units, the lowest level on records dating back to 1968. And the number of homes now under construction has fallen to a four-decade low.

“Housing starts remain at an extraordinarily depressed level,” said Dan Greenhaus, chief economic strategist at Miller Tabak + Co. “To put this in further perspective, a doubling of (new homes) from here would still put starts at the lowest level of any other recession.”

Single-family homes, which make up roughly 80 percent of home construction, rose 7.7 percent in March. Apartment and condominium construction rose 14.7 percent. Building permits increased to its highest level since December, spurred by a more than 28 percent jump in permits granted for apartment and condo buildings.

That increase in permits could signal a turnaround in the coming months, said Steven A. Wood, chief economist with Insight Economics. New homes typically take six months to build and the number of new permits is higher than the number of homes starting construction.

The increase in home construction activity was felt in most regions of the country. It rose 32.3 percent in the Midwest, 27.6 percent in the West and 5.4 percent in the Northeast. Construction fell 3.3 percent in the South.

New homes can spur job growth. Each new home built creates the equivalent of three jobs for a year and generates about $90,000 in taxes, according to the National Association of Home Builders.

The trade group said Monday that its index of industry sentiment for April fell one notch, to 16. That followed a one-point increase in March and four straight months of 16 readings. Any reading below 50 indicates negative sentiment about the housing market’s future and the index hasn’t been above that level since April 2006.

Most economists expect home prices – and by extension home sales and construction – to slip even further in 2011 before a modest recovery takes hold.

How to Hold an Online Garage Sale

2011-04-04T11:16:00.001-04:00

Got Miami.Com - South Florida Real Estate - 800-819-5466

With Spring’s arrival, you may be thinking about emptying closets and ridding yourself of unwanted items. And if you’re thinking about moving, one important step is to get rid of clutter that may have accumulated around your home.

Organizing a traditional garage sale can be a hassle when you have to gather all your unwanted items, tag inventory, post neighborhood signs and online ads, and then spend your weekend haggling prices. If you don’t have that much time, consider holding your garage sale online.

Swap boards, donation directories and even online auction sites make it easy to do. Craigslist and eBay are the best known of these sites, but there are many to choose from. What’s more, eBay once estimated that the average household has $2,000 worth of unused goods waiting to be sold. You may already be thinking of a few items that should find a new home before you do.

Here’s how to hold a successful online garage sale:

Plan—or Not - The beauty of an online garage sale is that you don’t need to gather all your unwanted belongings at once. Instead you can post them online as soon as you decide to get rid of them.

Price It Right - Search online to learn prices of comparable items. Remember: if you don’t want to lug that item to your next home, it may be worth selling at any price. But if you’re still attached to it, you can set the price a little higher.

Show and Tell - Multiple photos are important—they draw attention to your item over similar ones. Also use them to answer anticipated questions. If you’re selling a piece of furniture, for example, include close-ups of unique details, dings and the upholstery pattern. Also provide detailed written descriptions.

Deliver the Goods - If you’re selling locally and have a vehicle big enough to hold your item, offer to deliver for a small fee. If you’re auctioning the item, you can add a flat shipping fee to the price, or allow buyers to compute and pay for shipping costs.

By getting rid of unwanted items through an online garage sale, you’ll have fewer items to pack when you decide to make a move.

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Fla existing condo sales rise in Nov. - Miami Real Estate

2011-01-04T11:50:00.000-05:00

Miami Florida Real Estate - 800-819-5466 - Dean Isenberg

Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.

The statewide existing condo median sales price was $88,200; in November 2009, it was $104,500 for a 16 percent decrease year to year. However, November’s statewide existing condo median price was, month-to-month, 7 percent higher than the statewide existing condo median of $82,400 in October.

Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide in November compared to 13,961 homes sold in November 2009 for a decrease of 15 percent.

Florida’s median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.

In a separate report, the U.S. Commerce Dept. announced that sales of newly built, single-family homes increased 5.5 percent to a seasonally adjusted annual rate of 290,000 units in November. The gain represents a partial bounce-back from a near-record low, downwardly revised number of new-home sales in October.

The November improvement in new-home sales was driven by gains in two regions. The South, which is the nation’s largest housing market, posted a 5.8 percent gain, while the West showed a 37.3 percent rebound from the previous month. Meanwhile, declines of 26.7 percent and 13.2 percent were registered in the Northeast and Midwest, respectively.

The inventory of new homes for sale fell to 197,000 units in November, marking the first time in 42 years that this measure has fallen below the 200,000 level. This amounts to an 8.2-month supply at the current sales pace.

The "I-Team" Tip Of The Month - Preserving Pipes

2010-12-23T11:00:00.000-05:00

South Florida Real Estate Services - The "I-Team" - 800-819-5466

During the winter season our attention turns to family and friends instead of worrying about tedious home maintenance chores like plumbing—and for good reason! Now is an ideal time to relax and enjoy your home.

Nevertheless, homeowners and renters alike tend to take their pipes for granted. Being prepared for problems makes them more manageable if they should occur—so here are a few basic tips for dealing with a pipe leak.

Ahead of Time - Know where your main water shutoff is. You may not need to use it—if the leak coming from a faucet knob, for example, you can simply shut off the water at the sink. But when in doubt, go to the main valve.
Do It Yourself… Maybe - If you know what’s causing the problem and can tell the difference between a slip joint and a saddle valve, feel free to fix it yourself. However, many plumbers make a good living off fixing botched home repair jobs—so feel free to get it done right the first time.
When It’s Cold - If you ever encounter a frozen pipe, you can often thaw it with a hair dryer. If you’re going on vacation when there’s a cold snap in the forecast, you can help prevent frozen pipes by opening cabinet doors below your sink to let your home’s warm air circulate. You may also try turning the faucet on to a slow drip to keep the water moving and prevent freezing.
It’s smart to take care of plumbing repairs well in advance of putting your home on the market. Buyers can have more confidence in the value of a well-maintained home—and many signs are pointing to acceleration in the real estate market in 2011.

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Property values to ease decline next year. Miami Homes 305-929-3326

2010-12-07T14:25:00.000-05:00

Miami Real Estate Condos And Homes - Dean Isenberg - 305-929-3326

TALLAHASSEE, Fla. – Dec. 7, 2010 – State economists forecast that 2011 will mark the fourth consecutive year of tumbling property values across Florida, as the once red-hot real estate market fades into the recession’s mist.

But the good news: The slide is easing, according to the Legislature’s Office of Economic and Demographic Research (EDR). In its latest analysis, posted Sunday on the EDR website, taxable value is projected to drop 1.45 percent next year compared with an 11.09 percent plunge in 2010.

While a few, mostly rural counties may see average values actually tick upwards, areas as Lee County, ravaged by the housing collapse, are forecast to see no change after three consecutive years of double-digit losses.

In South Florida, this year’s 13.2 percent decline in taxable value across Miami-Dade, could ease to 5.7 percent in 2011; Broward’s 12.8 percent drop is predicted to level off at a drop of less than 1 percent.

Signs of a halt in the freefall are statewide, economists said. Hillsborough County is on track for a 1.3 percent drop next year, compared with more than 11 percent declines each of the past two years. Orange County could see a decline of less than 1 percent after enduring two straight years of losses topping 10 percent.

Florida’s once-roaring real estate market went into retreat in 2008, spiking unemployment and draining much of the property-tax revenue cities and counties depend on to finance government. Residential property is leading the comeback – as feeble as it may be – with values for both homesteaded and investment property expected to gain slightly in 2011.

But still down: agricultural and commercial space, which will decline again next year, economists said.

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Economy appears headed for strong finish for 2010 Aventura Real Estate

2010-12-03T16:44:00.000-05:00

Aventura Homes And Condos - Dean Isenberg Realtor - 305-929-3326

WASHINGTON (AP) – Dec. 3, 2010 – The economy is showing new life in the final months of the year.

Factories are busier, construction spending is up, and auto sales are rising. And on Wednesday the stock market had its best day since September after a report that the private sector hired the most workers in three years.

The Dow Jones industrial average jumped more than 2 percent, enough to erase nearly two weeks of losses. Analysts said investors concluded that a stronger job market would support higher stock prices.

“The economy is starting to show better overall momentum,” said Brian Bethune, an economist at IHS Global Insight. “There’s a steady improvement in the overall tone.”

A private trade group said U.S. factory output grew for the 16th straight month in November as auto sales rebounded and businesses invested more in industrial machinery.

The Institute for Supply Management said its index of manufacturing activity came in at 56.6 for November. Any reading above 50 indicates growth. The October figure was 56.9. At the depths of the recession, it was closer to 30.

And a new survey by the Federal Reserve finds that most of the nation – 10 of its 12 regions – is growing economically. Only two regions, those around Philadelphia and St. Louis, report that business conditions are mixed.

Automakers are behind much of the growth in manufacturing. Ford, General Motors and Chrysler all reported double-digit sales increases for November. The news is particularly welcome for GM, which just returned as a public company.

The positive economic news comes on top of other signs that Americans are increasingly willing to spend money, raising hopes for the holiday shopping season. Measures of spending, consumer confidence and personal incomes are all up.

Research firm comScore Inc. said people spent more than $1 billion online on the Monday after Thanksgiving, 16 percent more than last year and the first time so-called Cyber Monday has ever hit that milestone.

The Dow closed at 11,255, its best finish since Sept. 1 and about 200 points shy of its highest close since the financial meltdown in the fall of 2008.

Investors were mostly responding to strong manufacturing data out of China and a report showing that small U.S. companies hired the most workers in three years. ADP Employer Services said employment at private companies jumped by 93,000 in November, the largest increase since November 2007 – right before the recession began.

Small businesses, which have struggled to get credit since the recession, had the biggest gains.

While some economists cautioned against reading too much into the ADP report because it has frequently diverged from the government’s employment figures, it was enough to raise economists’ hopes that the Labor Department’s November jobs report, due Friday, will be strong. Bethune said his firm now forecasts that 180,000 jobs were added in November, up from a previous estimate of 150,000.

There’s even improvement in the troubled construction industry. The Commerce Department said spending rose in October for the second straight month, mostly because of a jump in spending on home improvement. Spending on new home construction fell.

One CEO, Daryl Dulaney of Siemens Industry Inc., reported strong demand for industrial equipment from automakers, railroad companies and renewable-energy firms. Siemens just took a $466 million order from Amtrak for 70 electric locomotives.

Auto companies are also ordering industrial automation equipment to be more productive, Dulaney said.

The manufacturing report showed that new orders and production also grew, but at a slower pace. Factory employment grew for the 12th month in a row, although slightly slower than in October.

At the same time, American exports are being helped by a cheaper dollar. The institute’s export index grew, but not as quickly as in October.

“Manufacturing continues to benefit from the recovery in autos, but those industries reliant upon housing continue to struggle,” said Norbert Ore, chairman of the ISM’s survey committee. The ISM is a trade group of purchasing executives.

The institute surveys purchasing managers at about 350 companies around the country to compile the index.

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Florida’s consumer confidence retains most gains. 305-929-3326 Dean Isenberg

2010-12-02T10:33:00.000-05:00

Miami Beach Real Estate Information - Dean Isenberg- Miami Realtor - 305-929-3326

GAINESVILLE, Fla. – Dec. 1, 2010 – Florida’s consumer confidence dipped only slightly in November to 72 after a large jump in October, portending good news for holiday retailers as higher levels of optimism remained in effect, according to a new University of Florida (UF) survey.

“The confidence reading in November fell only one point from a revised five-point increase the month before,” said Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research. “This suggests that the big increase in October was not an anomaly, but a return to a higher level of confidence, particularly among Florida’s seniors. While we attributed some of this increase to factors such as the mid-term elections, another interpretation is a delayed return to prevailing levels of optimism among seniors prior to the Gulf oil spill.”

It appears that the effect of the spill on senior citizens lasted about a month longer than it did for those under age 60. The delayed recovery might be explained by the fact that many seniors live along the coast of Florida.

“Looking ahead, it now appears Florida consumers may remain at the current levels of optimism through the rest of the year,” McCarty says.

Three of the index’s five components rose. Perceptions of personal finances now compared with a year ago increased three points to 57, the same level it had reached in April before the Gulf oil spill caused a slump in confidence.

Perceptions of U.S. economic conditions over the next year rose two points to 69, while perceptions of U.S. economic conditions over the next five years rose two points to 79.

The biggest drop showed up in expectations of personal finances a year from now, which fell sharply by seven points to 77. Perceptions of whether it is a good time to buy big-ticket consumer items dropped six points to 78.

However, despite the increase last month, consumer confidence remains at historically low levels, McCarty says. Prior to the past recession, the all-time low for Florida’s consumer confidence was 64. At 72, this month’s index is only eight points above that, although it is better than the reading of 69 a year ago.

Jobs, housing and tourism are all reasons for protracted low levels of confidence, McCarty says. “At the top of the list are persistent high levels of unemployment, which remained unchanged among Floridians last month at 11.9 percent. A large percentage of those were previously employed in sectors such as construction that are forecast to remain weak for many years.”

Also of concern is that housing sales slumped in October, although the median price of a single-family home rose slightly to $136,600 from $133,400 in September, McCarty says.

In terms of retail sales, those retailers that survived this past year will have some relief, at least in the short run, he said. “In the long run, businesses will have to figure out how to become profitable without depending as much on consumer demand. Many businesses have already done so by trimming expenses, largely in the form of labor, and increasing exports.”

The research center conducts the Florida Consumer Attitude Survey monthly. Respondents are 18 or older and live in households telephoned randomly. The preliminary index for November was collected from 441 responses.

Miami Beach Real Estate Information - Dean Isenberg- Miami Realtor - 305-929-3326

Federal government targets mortgage deduction - Dean Isenberg - Miami Real Estate Info

2010-12-02T10:22:00.004-05:00

Dean Isenberg - Miami Florida Real Estate Information - 305-929-3326

WASHINGTON – Dec. 1, 2010 – The bipartisan Deficit Reduction Commission – charged with finding a comprehensive plan to lower the national deficit with input from both Republicans and Democrats – has issued its final report. The commission must, by law, report its recommendations to President Obama.

The National Association of Realtors® has been waiting for the final report, aware that one recommendation could impact the mortgage interest deduction (MID) on federal income taxes. At one point, the association feared that the commission could recommend a complete loss of the deduction, which allows homeowners to deduct the yearly interest amount they paid on a home mortgage.

The report did end up recommending a weakening of the MID though not complete removal. Specifically, it calls for a “12% non-refundable tax credit available to all taxpayers.” However, it does call for removal of two current uses of the mortgage interest tax deduction: second homes and home equity loans.

NAR promises to fight any move to water down the current deduction rules.

“NAR firmly believes that the mortgage interest deduction (MID) is vital to the stability of the American housing market and economy,” says NAR President Ron Phipps. “The MID must not be targeted for change. NAR is actively engaged on behalf of the nation’s 75 million homeowners and 1.1 million Realtors to ensure that the current deduction is not modified.”

While the Deficit Commission’s suggestions carry a lot of weight, it’s not a final law; many specific recommendations will probably not make it into law as written. NAR plans to use the full force of the Realtor organization to fight MID changes.

“The tax deductibility of interest paid on mortgages is a powerful incentive for homeownership and has been one of the simplest provisions in the federal tax code for more than 80 years,” says Phipps. “Recent progress has been made in bringing stability to the housing market and any changes to the MID now or in the future could critically erode home prices and the value of homes by as much as 15 percent, according to our research.”

NAR has already taken the following steps:
• Submitted to the Washington Post an op-ed written by Phipps.
• Phipps, NAR President-elect and former Florida Realtors President Moe Veissi and NAR Chief Economist Lawrence Yun will be available for media interviews throughout the day.
• If appropriate, NAR will send out an e-mail Call for Action to all members, asking them to call their U.S. representatives.
• Additional op-eds by third parties and more interviews – from NAR officers, members of Congress and other interested parties – will continue.

What you can say:
• Any tampering with the MID in the midst of a foundering economy, a sluggish housing market and high unemployment is way off base.
• Government incentives for homeownership in the U.S. have existed for more than 150 years because homeownership fosters strong communities, creates social stability, builds wealth over the long term and contributes to the U.S. economy.
• Realtors believe that anyone able and willing to assume the responsibilities of homeownership should be able to pursue that dream.

“Any further downward pressure on home prices will hamper the economic recovery, raise foreclosures and hurt banks’ abilities to lend and likely tip the economy into another recession resulting in further job losses for the country,” says Phipps. “NAR will remain vigilant in opposing any plan that modifies or excludes the deductibility of mortgage interest.”

The complete 65-page report recommends tax and expenditure changes impacting most aspects of the U.S. budget and programs. To download the complete report (PDF format), click here. ()

Dean Isenberg - Miami Florida Real Estate Information - 305-929-3326

Miami home prices jump 12 percent - Miami Real Estate - Dean Isenberg 305-929-3326

2010-11-26T16:11:00.000-05:00

Miami Florida Real Estate - 305-929-3326

The Miami metro area saw a jump in the median sales price of single-family homes last month, up 12 percent to $199,100, compared to data from the same period in 2009, according to the latest report from the Miami Association of Realtors. Miami was one of only three home markets, and the only major metropolitan area in Florida, to see an increase in the median sales price for single-family homes. That number was a six percent increase over September. "Rising median sales prices reflect strengthening and stability of the Miami real estate market," said Jack Levine, chairman of the board of the Miami Association of Realtors

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Spruce Up the Kitchen for the Holidays

2010-11-24T11:20:00.000-05:00

South Florida Real Estate - 800-819-5466 - Dean Iseneberg

Most of us spend a great deal of time in the kitchen—and not just while cooking. The kitchen is the traditional heart of the home. And with the holidays coming up, you may be looking for fast and easy ways to make your home more welcoming to guests.

Whether yours is a huge kitchen with a family room attached or a cozy convenience kitchen, several quick and inexpensive tricks let you spruce up your kitchen without undertaking a complete overhaul:

Nothing changes a room faster than a fresh coat of paint. It immediately brightens the walls and ceilings.

If your cabinets have seen better days, consider painting them—even if they are natural wood.

Express your style and liven up your cabinets with unique knobs, handles and hinges. Kitchen cabinets are a popular do-it-yourself project and can enhance the beauty of your home.

New linoleum is fairly inexpensive and provides a clean, fresh look.

Get rid of the refrigerator magnets—unless of course, they hold your family’s art gallery.

Select a brightly colored rug and dish towels to provide accent color.

Hang a window valence to tie it all together.

Line the windowsill with pots of herbs grown from seed.

Redecorating your kitchen is an easy way to change the whole look and feel of your home. And here’s something to remember when you decide to sell: the kitchen is considered by many to be the most important room in the house.

These tips can also be used to help stage your home to sell for the best possible price. If you’d like more ideas for getting your home ready to sell, feel free to email or call any time.

Dean or Bonnie Isenberg - 305-936-2489

Strong condo sales in Ft. Lauderdale - Fort Lauderdale Real Estate

2010-11-23T09:37:00.000-05:00

Ft. Lauderdale Real Estate - 305.929.3326

Of 5,1000 completed condos in downtown Fort Lauderdale, just 4 percent are unsold as of the end of September, according to a report from Condo Vultures. The total number of units was reduced by 69 condos during the third quarter of 2010, meaning less than 180 units constructed after 2003 are still in the control of their developers. The inventory does not include the 298-unit North Fort Lauderdale Beach Boulevard project that was slated to be the Trump International Hotel & Tower. The project's developers have not yet filed the declaration of condominium.

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Condo market already rebounding in Downtown Miami. Dean Isenberg Realtor 800-819-5466

2010-08-04T10:59:00.000-04:00

South Florida Real Estate Services - Dean Isenberg - 800-819-5466 - http://www.south-florida-realtor.com/

Downtown Miami's condo market saw marked improvement over the first six months of the year, according to a new study from the Miami Downtown Development Authority. Despite rampant over-development during the housing boom, which by many accounts caused the market to go bust, the area is already making a comeback. Sales accelerated, with 1,933 units sold during the first two quarters, up 110 percent from the same period in 2009. Prices rose in the first half of 2010 by roughly 16 percent. Unsold new inventory has also been steadily declining, reaching around 5,400 units by June 30, all of which are on track to be absorbed over the next 18 months. Of course, that doesn't count the 870 new units at the Mint at Riverfront and Paramount Bay condos, which have been completed and are set to hit the market shortly. Nor does it include the resale inventory that is expected to come back online but is, for now, in the hands of investors.

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Miami home prices rise slightly 800-819-5466

2010-08-04T10:54:00.000-04:00

Dean Isenberg - Miami Florida Realtor - 800-819-5466 - http://www.gotmiami.com/ ?

Miami home prices rose 0.9 percent in May, according to the latest Standard & Poor's/Case Shiller Home Price Index, after a 0.8 percent drop in April. Year-over-year, home prices in Miami were up 1.2 percent, while the 10-city nationwide composite was up 5.4 percent. Last week, Florida Realtors reported that sales of existing single-family homes were up 15 percent statewide in June -- the 22nd consecutive month that sales activity went up. The median existing home price in Florida was $143,000 in June, a 2.1 percent jump over May's price of $140,400.

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Renters in Foreclosure: What Are Their Rights? South Florida Realtor

2010-07-26T13:04:00.001-04:00

South Florida Real Estate Services - 800-819-5466

Federal legislation signed in May 2009 gives important rights to tenants whose landlords have lost their properties through foreclosure.

Renters and tenants are now being affected by foreclosures almost as often as homeowners. The mortgage industry crisis that started in 2006 has resulted in thousands -- no, make that millions -- of foreclosed homes. Most of the occupants are the homeowners themselves, who must scramble to find alternate housing with very little notice. They're being joined by scores of renters who discover, often with no warning, that their rented house or apartment is now owned by a bank, which wants them out.

Who Are the Renters?

Renters who lose their homes to foreclosures don't fit a single profile. Many of them live in smaller buildings, condos, and single-family homes. They're located in cities and surrounding suburbs, in low-income and upscale neighborhoods. In short, foreclosed homes are everywhere, and they're rented by people with widely varying incomes, including some with "Section 8" (federal housing assistance) vouchers.

Who Are the Defaulting Owners?

The typical foreclosed home may have originally been owner-occupied, but more often it's owned by investors and speculators who were hoping to profit from the rents. Caught between the slump in housing values and the rise of mortgage interest rates, these owners could not feasibly sell or extract enough rent to cover their monthly costs. In droves, they lost their investments. For example, in Minneapolis and its surrounding suburbs, 38% of the 2006 foreclosures involved rental properties; in Minneapolis alone, 65% were rentals.

Who Are the New Landlords?

When an owner defaults on a mortgage, the mortgage holder, often a bank, either becomes the new owner or sells the property at a public sale. If the bank becomes the owner, it may pay a servicing company to handle the property. But don't expect close attention -- these companies are focused on financial matters, not mundane things like maintenance.

Some renters find themselves with a new owner even before the foreclosure. Lawyers in Massachusetts, for example, contend that many new rental property owners are investment trusts that specialize in purchasing troubled loans directly from banks, then foreclosing, evicting, and selling.

New Owners Means No Maintenance

Many tenants have no idea that their building has been taken at foreclosure. They continue to pay rent to the former owner, who often pockets the money but is hardly inclined to maintain the building it no longer owns. In the meantime, the new owners simply refuse to be landlords, never making repairs or even paying utility bills. Because the banks are stuck with increasing numbers of foreclosed properties that they can't sell, they remain non-landlords for some time, making life impossible for their tenants until those tenants are evicted.

Renters in Foreclosed Properties No Longer Lose Their Leases

Before May 20, 2009, most renters lost their leases upon foreclosure. The rule in most states was that if the mortgage was recorded before the lease was signed, a foreclosure wiped out the lease (this rule is known as "first in time, first in right"). Because most leases last no longer than a year, it was all too common for the mortgage to predate the lease and destroy it upon foreclosure.

These rules changed dramatically on May 20, 2009, when President Obama signed the "Protecting Tenants at Foreclosure Act of 2009." This legislation provided that leases would survive a foreclosure -- meaning the tenant could stay at least until the end of the lease, and that month-to-month tenants would be entitled to 90 days' notice before having to move out (this notice period is longer than any state's non-foreclosure notice period, a real boon to tenants).

An exception was carved out for the buyer who intends to live on the property -- this buyer may terminate a lease with 90 days' notice. Importantly, the law provides that any state legislation that is more generous to tenants will not be preempted by the federal law. These protections apply to Section 8 tenants, too.

Importantly, tenants who live in cities with rent control "just cause" eviction protection are also protected from terminations at the hands of an acquiring bank or new owner. These tenants can rely on their ordinance's list of allowable, or "just causes," for termination. Because a change of ownership, without more, does not justify a termination, the fact that the change occurred through foreclosure will not justify a termination.

Does It Make Sense to Evict Tenants?

New owners may want to terminate existing tenants because they believe that vacant properties are easier to sell. Common sense suggests otherwise. In many situations a building full of stable, rent-paying tenants will be more valuable (and command a higher price) than an empty building. Emptied buildings are also prone to vandalism and other deterioration -- after all, no one is on site to monitor their condition. When entire neighborhoods become a wasteland of empty foreclosed multifamily buildings, their value drops even further. It's hard to understand why new owners choose to pay lawyers to start eviction procedures instead of paying a modest fee to a management company to collect rent and manage the property while they wait to sell.

"Cash for Keys"

To encourage tenants to leave quickly and save on the court costs associated with an eviction, banks offer tenants a cash payout in exchange for their rapid departure. Thinking that they have little choice, many tenants -- even Section 8, protected tenants -- take the deal. It doesn't help them much as they join the swelling ranks of newly displaced tenants (and former homeowners) who are competing to find an affordable new rental.

What Can a Foreclosed-Upon Tenant Do?

Thanks to the 2009 federal legislation, most tenants with leases will keep their leases, and month-to-month tenants will have at least 90 days to relocate. Tenants with leases have no legal recourse against their former landlords, because they are in the same position vis a vis the new owner as they were with the old: The lease survives and ends as it would had there been no foreclosure. Similarly, month-to-month tenants always know that they can be terminated with proper notice, and 90 days is longer than any state's termination period.

However, a lease-holding tenant whose rental has been bought by a buyer who want to move in to the property ends up less fortunate than before the new law -- he may lose his lease with 90 days' notice, a result that probably would not have happened had the owner simply sold the property to a buyer who intended to occupy the property. (Normally, the new owner has to wait until the lease ends, absent a lease clause providing for termination upon sale, though such clauses may not be legal in all situations.)

Suing in Small Claims Court

A lease-holding tenant who has to move out so that new owners may move in might consider suing their former landlord in small claims court. Here's how it works.

After signing a lease, the landlord is legally bound to deliver the rental for the entire lease term. In legalese, this duty is known as the "covenant of quiet enjoyment." A landlord who defaults on a mortgage, which sets in motion the loss of the lease, violates this covenant, and the tenant can sue for the damages it causes.

Small claims court is a perfect place to bring such a lawsuit. The tenant can sue the original landlord for moving and apartment-searching costs, application fees, and the difference, if any, between the new rent for a comparable rental and the rent under the old lease. Though the former owner is probably not flush with money, the awards in these cases won't be very much, and the court judgment and award will stay on the books for many years. A persistent tenant can probably collect what's owed eventually.

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Home foreclosures up in Florida, but rate leveling off says Miami Realtor Dean Isenberg

2010-07-19T13:58:00.001-04:00

Homes For Sale In Miami Florida - Got Miami Real Estate ? - Visit Got Miami.Com or call us toll free at 800-819-5466

Foreclosure activity continued to climb on a year-over-year basis in Florida during the first half of 2010 as one in every 32 housing units was hit with a foreclosure notice, but the rate of increase slowed considerably, according to the latest foreclosure market report from RealtyTrac.

Home foreclosure activity in the state -- defined as default notices, scheduled auctions and bank repossessions -- was up 3.36 percent in the first six months of the year from the same period in 2009, the RealtyTrac data shows. By comparison, at the same time last year, Florida foreclosure filings had risen by 42 percent over the first half of 2008.

Still, Florida's 277,073 foreclosure filing count during the most recent six-month period was the second-highest state total in the nation behind California, which saw 340,740 filings.

And bank repossessions in particular were way up during the second quarter, registering a 75 percent year-over-year statewide spike that may indicate that lenders are catching up on their foreclosure backlogs, said Daren Blomquist, a spokesperson for RealtyTrac.

"We've seen the pace slow down, but [foreclosure activity] is still at a very high level," Blomquist said. Florida is "not really experiencing a downward trend in foreclosure activity. It's more plateaued," he said.

The data depicted a similar picture in each of South Florida's three counties, where home foreclosure rates were well above the national average of 1.28 percent across the board.

In Broward, 4.71 percent of all homes, or 37,988 units, were hit with a foreclosure filing during the first half of the year, giving the county the third-highest foreclosure rate in the state. Though that represents a 9.6 percent decline in foreclosure filings from the second half of 2009, it is also a 3.64 percent increase from the year's first half.

Miami-Dade, ranked sixth in the state with a 3.92 percent foreclosure rate, had 38,395 foreclosure filings during the first six months of the year, down 10.37 percent from the previous six months, but up 11.48 percent year-over-year.

And in Palm Beach, 2.82 percent of housing units were hit with foreclosure notices, giving the county a 16th-place ranking in Florida. The 18,083 actions in the county during the first six months of the year represented a 0.26 percent decrease from the second half of last year, but a 26.43 percent jump from the first half of 2009.

"What started out as maybe a more contained issue, where it was properties in highly speculative markets that used exotic loans, has been compounded with the overall economic problems that the country has been experiencing," Blomquist said.

Foreclosure prevention efforts have also been prolonging the issue, he said. While government interventions have helped to "manage the foreclosure problem," he explained, "the downside is that…you're kind of going to see a stagnant housing market for a longer period of time without a real recovery happening."

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South Florida resale inventory rises again. Miami Real Estate 800-819-5466

2010-07-19T13:52:00.000-04:00

Miami Florida Real Estate Services - Got Miami.Com - 800-819-5466

The number of residential resales on the market in South Florida has increased for the fifth time in six weeks, according to a new report from Condo Vultures. Since May 31, when there were 65,222 single-family homes, townhouses and condo units for resale in the tri-county area, South Florida's resale inventory has been increasing by an average of 300 properties per week. The greatest increase has been in Broward County, which has added 650 homes in the last six weeks, while Miami-Dade County has added 600, according to the firm's brokerage wing.

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Crist signs condo bill at 3 South Florida locations. Miami Real Estate 800-819-5466

2010-06-25T16:58:00.000-04:00

Florida Gov. Charlie Crist is making the rounds in South Florida on Thursday, signing a condominium relief bill in three ceremonies.

Crist officially signed Senate Bill 1196 on June 1 but is in town to shake hands and hobnob with some of the people instrumental in getting the measure approved.

The governor was scheduled to appear at the Beach Community Center in Fort Lauderdale, Century Village East in Deerfield Beach and the Hagen Ranch Road Library in Delray Beach.

The bill is meant to help condo boards hammered by financial problems caused the housing meltdown. It requires lenders that foreclose on condo units to cover 12 months of unpaid homeowner association assessments or 1 percent of the original mortgage debt, whichever is less. Previously, lenders had to pay six months of assessments or 1 percent of mortgage debt.

The bill also makes it easier for condo associations to opt out of expensive fire sprinkler, smoke detector and elevator upgrades that must be completed by 2014. In addition, it adds protections for bulk buyers of condo units and suspends voting rights for condo owners who are 90 days delinquent.

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Foreclosure rescue scam reports increase, new study says. 800-819-5466

2010-06-23T16:22:00.000-04:00

Miami Florida Foreclosures - Dean Isenberg Miami Realtor - 800-819-5466

VIENNA, Va. – The Financial Crimes Enforcement Network (FinCEN) released its first analysis of suspicious activity reports containing information about potential foreclosure rescue scams. The report, “Loan Modification and Foreclosure Rescue Scams – Evolving Trends and Patterns in Bank Secrecy Act Reporting,” analyzed more than 3,500 SARs filed from 2004 through 2009, with the great majority of those reports (3,000) filed last year.

“The increase in reporting of suspected foreclosure rescue scam activity could mean that there is an increase in fraudulent activity, but it also reflects an increase in awareness among financial institutions of the fraud perpetrated,” said FinCEN Director James H. Freis Jr.

Along with the increase in reported activity, the analysis found that the nature of foreclosure rescue scams shifted too. The latest scams reflect more advance-fee schemes, in which the alleged loan modification or foreclosure rescue specialists say they’ll arrange modification of a homeowner’s mortgage for more favorable repayment terms. Once the scammers receive large advance fees, they rarely, if ever, provide any service.

A variation of the advance fee scam involves phony debt elimination programs, in which the homeowners paid advance fees and are given bogus documents or instructed to contact their lenders with specious assertions that the original mortgage debt is illegal.

According to the latest FinCEN analysis, the top 10 metropolitan regions, ranked by the concentration of local subjects of all mortgage loan fraud suspicious activity reports tracked between Jan. 1, 2009 and June 10, 2010, are:

Miami-Fort Lauderdale-Pompano Beach, FL, came in ranked as No. 1; Los Angeles-Long Beach-Santa Ana, CA, No. 2; New York-Northern New Jersey-Long Island, NY-NJ-PA, No. 3; Chicago-Naperville-Joliet, IL-IN-WI, No. 4; Washington-Arlington-Alexandria, DC-VA-MD-WV, No. 5; Riverside-San Bernardino-Ontario, CA, No. 6; Phoenix-Mesa-Scottsdale, AZ, No. 7; Atlanta-Sandy Springs-Marietta, GA, No. 8; San Francisco-Oakland-Fremont, CA, No. 9; and Orlando-Kissimmee, FL, No. 10.

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Florida’s existing home, condo sales rise in May 800-819-5466`

2010-06-23T13:02:00.000-04:00

Miami Florida Real Estate - Dean Isenberg - Realtor

ORLANDO, Fla., 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."

Seventeen of Florida's metropolitan statistical areas (MSAs) reported higher existing home and existing condo sales in May. A majority of the state's MSAs have reported increased sales for 23 consecutive months.

Florida's median sales price for existing homes last month was $140,400; a year ago, it was $143,800 for a decrease of 2 percent. The median is the midpoint; half the homes sold for more, half for less.

Thenational median sales price for existing single-family homes in April 2010 was $173,400, up 4.5 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $306,230 in April; in Massachusetts, it was $295,000; in Maryland, it was $244,943; and in New York, it was $197,000.

According to NAR's latest industry outlook, factors such as a return of buyer confidence, stabilizing home prices and an improving economy are supporting the market in the federal homebuyer tax credit's wake. "The housing market has to get back on its own feet," said NAR Chief Economist Lawrence Yun, "and now appears to be in a good position to return to sustainable levels even without government stimulus, provided the economy continues to add jobs."
In Florida's year-to-year comparison for condos, 6,779 units sold statewide last month compared to 4,845 units in May 2009 for an increase of 40 percent. The statewide existing condo median sales price last month was $98,700; in May 2009 it was $113,500 for a 13 percent decrease. The national median existing condo price was $171,000 in April, according to NAR.

Interest rates for a 30-year fixed-rate mortgage averaged 4.89 percent in May, close to the 4.86 percent averaged during May 2009, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Among the state's larger markets, the West Palm Beach-Boca Raton MSA reported a total of 887 homes sold in May compared to 737 homes a year earlier for a 20 percent increase. The market's existing home median sales price last month was $235,200; a year earlier it was $232,900 for an increase of 1 percent. A total of 877 condos sold in the MSA in May compared to 676 units sold in May 2009 for an increase of 30 percent. The existing condo median price last month was $99,600; a year earlier, it was $107,500 for a decrease of 7 percent.

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UF: Florida real estate market has hit bottom

2010-04-30T13:56:00.000-04:00

UF: Florida real estate market has hit bottom

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Fla. consumer confidence up in April

2010-04-28T21:36:00.000-04:00

Fla. consumer confidence up in April

Home - Condos - Ocean Front - Miami - Real Estate

Counties still offer affordable mortgages

2010-04-28T21:26:00.000-04:00

Counties still offer affordable mortgages

Miami Real Estate - Dean Isenberg 800-819-5466

Miami MLS Listings

Florida’s existing home, condo sales rise in March 2010

2010-04-23T08:18:00.000-04:00

Florida’s existing home, condo sales rise in March 2010

Miami Florida Real Estate Information 800-819-5466

Help arrives for second mortgages

2010-04-21T19:33:00.000-04:00

Help arrives for second mortgages

Miami Florida Real Estate 800-819-5466

Turnberry Ocean Colony 800-819-5466 Sunny Isles Beach Condos New Construction

2010-04-21T19:25:00.000-04:00

Turnberry Ocean Colony 800-819-5466 Sunny Isles Beach Condos New Construction

AIA urges flood insurance extension without wind coverage

2010-04-21T16:37:00.000-04:00

AIA urges flood insurance extension without wind coverage 

Miami Florida Real Estate - Dean Isenberg Realtor - 800-819-5466

March housing starts gain on multifamily building

2010-04-18T21:52:00.000-04:00

Miami Real Estate - Got Miami.Com ?

WASHINGTON (AP) – April 16, 2010 – Housing construction posted a better-than-expected performance in March, rising to the highest level in 16 months on the strength of multi-family homes.

But the Commerce Department report Friday showed that construction of single-family homes, the most important segment of the market, fell. It dropped 0.9 percent to an annual rate of 531,000 units, after a strong 5.7 percent gain in February.

The sluggish nature of the housing recovery has helped slow the rebound of the broader economy.

Overall, construction rose 1.6 percent to a seasonally adjusted annual rate of 626,000 last month. That was higher than the 610,000 level that economists had expected. In addition, the government revised February to show a 1.1 percent gain rather than the initially reported drop of 5.9 percent.

Applications for building permits, considered a good barometer of future activity, also recorded a better-than-expected increase, rising 7.5 percent to an annual rate of 685,000.

Analysts are looking for any rebound in housing to be modest at best given the severe problems still facing the industry. These include record home foreclosures and high unemployment, which robs potential buyers of the incomes they need to support a home purchase.

This weakness was offset by an 18.8 percent surge in the smaller multifamily sector, which rose to a seasonally adjusted annual rate of 95,000 units. Analysts do not expect this strength to continue given a multitude of problems facing commercial real estate at the moment from high apartment vacancy rates to rising foreclosures of commercial properties.

By section of the country, all the strength in March came in the South, where construction activity jumped 18.2 percent, the best advance in 10 months. Building activity plunged 28.4 percent in the Midwest and was down 8.3 percent in the Northeast and 2.1 percent in the West.

The National Association of Home Builders said Thursday its housing market index, which tracks industry confidence, jumped four points to a reading of 19 in April, the highest level since September.

Builders are reporting a pickup in sales and customer traffic as homebuyers rush to qualify for expiring tax incentives. The tax credits – $8,000 for new buyers and $6,500 for current owners – expire at the end of this month.

Many economists believe the tax incentives will boost the number of buyers now but lead to a drop in sales in the second half of the year.

Home sellers also have to cope with banks tightening up on lending standards and a sizable supply of unsold homes.

The number of homes seized by banks jumped 35 percent in the first quarter from a year ago, RealtyTrac Inc. said Thursday. In addition, households facing foreclosure increased 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when the foreclosure listings firm began reporting the data.

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Mortgage rates fall after rising 4 straight weeks in Miami

2010-04-18T21:25:00.000-04:00

Miami Florida Real Estate - Dean Isenberg Miami Realtor

Miami, Florida – Rates for long-term mortgages dropped this week but still remained above 5 percent, Freddie Mac said Thursday.

The average rate on a 30-year fixed rate mortgage was 5.07 percent this week, down from 5.21 percent a week earlier, a survey by the mortgage financier Freddie Mac said. Last week’s average rate for a 30-year fixed mortgage had been the highest since mid-August, when it was 5.29 percent.

Rates had dropped to a record low of 4.71 percent in December, pushed down by a campaign by the Federal Reserve to reduce borrowing costs for consumers. The program ended at the end of March, but the Fed left the door open to reviving the program if the economy weakens.

Low rates make mortgages less expensive for homebuyers.

“After rising for four consecutive weeks, mortgage rates eased back to where they were two weeks ago and still remain historically low,” said Frank Nothaft, Freddie Mac’s chief economist.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often tracking the interest rate paid on long-term Treasury bonds.

This week, the average rate on a 15-year fixed-rate mortgage was 4.40 percent, down from 4.52 percent last week.

Rates on five-year, adjustable-rate mortgages averaged 4.08 percent, down from 4.25 percent a week earlier. Rates on one-year, adjustable-rate mortgages dipped to 4.13 percent from 4.14 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 of a point for 15-year loans, 0.6 of a point for 30-year and 5-year loans, and 0.5 of a point for 1-year loans.

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Today's Tip - Gardening in Pots - Miami Real Estate

2010-03-26T12:14:00.000-04:00

We Sell Aventura, Florida Real Estate

Gardening in Pots

In the spring, many a homeowner’s thoughts turn to the garden. Given the beauty and convenience of a container garden, it’s no surprise that an estimated 90 percent of America's 67 million gardeners grow plants in containers. Here are some tips for creating a cheerful container garden of your own.

Plants

Expand your imagination beyond flowers: a wide variety of plants and evergreen shrubs do very well in containers. Be sure to purchase your plants at a dependable nursery, selecting only high quality plants that are free of disease and pests. For more visual interest in each pot, use three or four plant varieties that harmonize with one another.

Sun & Soil

When growing plants in containers, rotate them a quarter turn each day to help them grow straight and full. Potted plants usually require more water and fertilizer than plants growing in the ground, using the proper kind of soil is very important.

Containers

Your imagination is the limit when it comes to containers for your garden. Most plant containers are made out of wood, plastic, ceramics or clay. But you might try non-traditional containers, such as buckets, wooden crates, or an old watering can. An unusual container can make for a striking garden arrangement.

Your container garden will make your home appear more welcoming and even more attractive to potential buyers. And whatever type of garden you create, remember to take time to enjoy it.

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Miami Investors are buying houses again. 305-936-2489

2010-03-22T19:47:00.000-04:00

Miami, Florida – More home buyers are snapping up properties with cash, a trend driven in large part by investors returning to the market after four years of falling prices around the country.

The share of home sales involving all-cash transactions was 26 percent in January, up from 18 percent a year earlier, according to the National Association of Realtors. The figures come from a survey of members about their most recent transactions.

Many home buyers also are paying cash, but investors are largely using cash so they can avoid paying interest charges on loans and get a larger return on their investment.

NAR data also show a pickup in investment activity. Home purchases made by buyers identified as investors climbed to 17 percent in January, up from 15 percent in December and 12 percent in November.

“We bottomed out in 2008, and in late 2009, prices stabilized and investors have returned,” says Mark Fleming, chief economist at First American CoreLogic. “It’s a different type of investor going after foreclosed properties and expecting to hold on for longer time frames.”

Many investors say they’re financing their purchases with cash on hand, rather than borrowing. Evan Spinrod of San Francisco bought three rental properties in November and February and now owns 21 in four states. The rent he collects gives him an 8.5 percent annual return on his investment. Some of his homes are worth about $165,000.

“I’m still looking,” Spinrod says. “You can’t build these houses for the prices they’re selling them. I’ve always seen that the real wealth was in real estate. People have been sitting on cash, and there’s no interest from the bank (to pay).”

Leonard Baron, a real estate professor at San Diego State University, has bought three homes with cash in the San Diego area in the past eight months, ranging in price from $100,000 to $130,000. He rents the properties. Baron says now is an ideal time to make such purchases. “It’s because prices have dropped so much and rents really haven’t,” he says. “The deals were unbelievable.”

Some Realtors also say they’re seeing increased investor activity. “Flippers, rehabbers, investors ... are, in fact, buying,” says Lisa Johnson, with Coldwell Banker Residential Brokerage in Haverhill, Mass. “I’m getting builders who have stopped building and are instead buying up condos and single-family homes to fix them up and sell them. It’s a neat change I haven’t seen in four years.”

All-cash purchases also reflect a growing number of investors buying higher-end properties without credit, says NAR spokesman Walter Molony. That’s a sign that some investors see real estate prices as having nowhere to go but up. All-cash offers give buyers a competitive edge on rival offers – even higher ones – that are dependent on financing. Cash deals can close faster and are less likely to fall through.

“You have to have cash to be able to close quickly and have negotiating power. Cash is king,” says Tanya Marchiol, president of Phoenix-based Team Investments, which buys about 70 properties a month with cash it raises from investors. “We do want to flip it or generate cash flow (through renting it out). Now is the time to buy for cash flow. We know the market is going to rebound.”

Some investors say the current real estate market is an ideal time to buy because homes are so low priced, they are bound to hold their value. That’s the philosophy of Jim McClelland of Tinley Park, Ill. He is buying about 120 to 150 entry-level homes in the Chicago area this year and owns a total of about 300 properties. He says now is a good time to buy because properties going into foreclosure are no longer just one-bedroom, fixer-uppers but nicer, split-level brick homes with more bedrooms that will probably appreciate to a higher value.

That’s because so many prime-rate borrowers who bought more expensive homes have gone into foreclosure. He puts about $60,000 into upgrading a property, then rents it out.

“Do I think this year will be a better time to invest than in 2009? Yes,” McClelland says. “There have always been foreclosures. The difference now is you get a better home for the same kind of money. You’re sitting on better inventory. People get into real estate for financial independence. It’s not a quick fix. It appreciates. It doesn’t happen overnight.”

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Oddities: Hard to appraise, hard to finance. 305-936-2489 Call Dean Isenberg

2010-03-22T19:38:00.000-04:00

Miami Beach Real Estate Condos and Homes

Miami Beach – Homes that are unusual because of design or building materials are a challenge to finance, bankers says.

Lenders are paying stricter attention to home values than they did several years ago. “It’s simply a fact of the mortgage lending environment in general that determining value on a property is more important than ever today,” said Brad Blackwell, a national sales manager for Wells Fargo.

Environmentally friendly houses, custom-designed by their owners, are getting caught in the valuation retrenchment because of the lack of comparables. A house in Colorado made out of discarded tires compressed into building blocks is a good example. With no other houses quite like it in the state, assigning a value is a challenge.

And new rules from Fannie Mae and Freddie Mac, which are intended to reinforce the arm’s-length distance between those assigning an appraisal and those who conduct them, complicate relationships some mortgage brokers have forged with appraisers who have familiarity with valuations for odd houses.

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Financial help for homeowners with defective drywall remains elusive.

2010-03-22T19:34:00.000-04:00

Aventura Real Estate Investments

Miami, Fla. – The Federal Emergency Management Agency (FEMA) this week turned down a request from Gov. Charlie Crist to consider the outfall of defective drywall a disaster worthy of federal help.

The decision is the latest in a series of letdowns for homeowners with faulty wallboard, which emits sulfuric compounds that corrodes copper in appliances and wiring, blackens jewelry and other metals and is suspected as the cause of breathing problems and headaches.

Some homeowners, who number in the thousands nationwide but are concentrated in Florida and Louisiana, have been dropped by their home insurance companies when they tried to make damage claims. Others have moved out of their homes and are juggling mortgage and rent payments. No government agency has approved a method of rehabilitating affected homes.

Lawsuits seeking damages from drywall manufacturers, builders, suppliers and others are still inching their way through the courts.

In addition, requests that Crist declare the issue a disaster using an executive order have been ignored so far.

His office did not return phone calls Friday.

FEMA turned down Crist’s request because the issue “does not constitute an emergency or major disaster incident.”

“No one’s being held accountable but me,” said Boynton Beach homeowner Joe Grote, who moved into his home 2 1/2 years ago and continues to bear its smell. ‘‘I’m being held accountable to the bank.”

One tangible solution for some homeowners is money from their local government for repairs through the federal Community Development Block Program.

The city of Miramar said this week it they will make about $1.5 million from this program available to homeowners who need to repair their homes because of faulty drywall or other problems.

But the money is available for low-income households. Many of the homes affected by defective drywall are larger new homes built during the housing boom in gated communities.

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Mortgage rates still below 5 percent. Miami Real Estate Realtor 800-819-5466

2010-03-22T09:48:00.000-04:00

Miami Florida Real Estate Information

MIAMI, FLORIDA – Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows.

The average rate on a 30-year fixed rate mortgage edged up to 4.96 percent this week from 4.95 percent a week earlier, the mortgage finance company Freddie Mac said Thursday.

Rates dropped to a record low of 4.71 percent in December and have hovered around 5 percent since, kept down by the Fed’s $1.25 trillion program to buy up mortgage securities issued by Freddie Mac and sibling company Fannie Mae.

The Fed said this week that this program would end on March 31, as expected. But some analysts fear that once the program ends, mortgage rates could rise. That could weaken the fragile recovery in housing and the overall economy. Still, the Fed has left the door open to extending the program if the economy weakens.

The central bank has been the dominant buyer of mortgage securities over the past year. Without the Fed’s participation, “it may take a few weeks for the market to sort out whether there’s enough demand to soak up the supply,” said Greg McBride, senior financial analyst with Bankrate.com.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

This week, the average rate on a 15-year fixed-rate mortgage was 4.33 percent, up from 4.32 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.09 percent, up from 4.05 percent a week earlier. Rates on one-year, adjustable-rate mortgages fell to 4.12 percent from 4.22 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 of a point for 30-year loans and 0.6 of a point for the other loans in Freddie Mac’s survey.

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2010-03-22T08:54:00.001-04:00

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New digital cameras add to zoom and toughen up

2010-02-24T21:47:00.000-05:00

Miami Florida Real Estate Is Picture Perfect !

Most point-and-shoot cameras have a midsize LCD preview screen and short zoom lens that brings you slightly closer to the action. That’s about to change. This year, the hottest compact cameras will have much larger zooms and preview screens and will be able to withstand abuse and shoot in low-light situations with better quality. They’ll cost more, but at an average of $350 to $450, you’ll pay a lot less than for an entry-level digital SLR, which starts at around $700.

The photo industry, hoping to reverse two years of declining sales, met here this week for the Photo Marketing Association convention, where new cameras for the spring get introduced.

Here’s a peek at what to look for:

• Samsung’s $449 TL500 has a much wider lens opening than normally found on compacts. The f/1.8 lens opening means that this camera can capture better images at sporting events and school plays, for instance, without having to use a flash. Most digital cameras have a slower, f/3.5 lens.

• Olympus’ new cameras have a built-in manual. The entire manual is stored in memory and can be accessed through the menu.

• Big zooms in small bodies are very popular. Nikon’s $350 Coolpix P100 has a 26x zoom; Fuji’s $249 FinePix S2550HD has an 18x zoom, and Sony’s new $250 Cyber-shot H55 has a smaller 10x zoom in a tinier body. The more powerful zoom is good for both a wider view (think group shots) and getting closer to the action. These cameras also have 720p high-definition video recording. (The cameras will all be out in March.)

• Many cameras have a feature called “face detection” that instructs the camera to expose and focus correctly for faces. Fuji’s new $299 FinePix F80EXR, out in April, adds a “pet-detection” feature along with a 10x zoom.

• Olympus pioneered the rugged compact category with its tough line of waterproof, shockproof and freeze-proof cameras. Now there are rugged compacts from Panasonic, Canon and Casio. Sony calls its new Cyber-shot TX5 the world’s “smallest and thinnest” tough-cam. “What we brought to the category was slimness and design,” says Kelly Davis, director of Sony’s digital camera division. “Normally the waterproof category is chunkier and a little more rugged looking.”

Olympus is fine-tuning its tough-cams. The new $399 Stylus Tough-8010 and $299 Stylus Tough-6020 have added high-def 720p video recording.

“So if you happen to fall or slip while you’re rock climbing, and plummeting down to the water below, you can film the whole thing in high-def on the way down, and continue to film as you go into the deep,” says Sally Smith Clemens, an Olympus product manager.

The next dimension

And if big zooms and cameras you can sit on don’t do the trick, how about a camera that taps into Hollywood’s latest craze: the third dimension? Jim Calverley, a Fuji product manager, thinks 3D could get consumers interested in adding another camera to their arsenal. “In the world of consumer electronics, new things sell,” he says. “People want to have the latest and greatest.”

Fuji’s $599 FinePix Real 3D W1 camera will begin showing up in stores in the spring, but it’s been available online since late 2009. The camera has two lenses and two image sensors. While you don’t need special glasses to view the pictures, you also don’t get the same dramatic 3D look of the movies. It’s more of a subtle look akin to the stereo viewers of yesteryear. For more enhanced 3D, Fuji sells a $500 digital viewer, with an 8-inch LCD, to view pictures. Viewed with 3D glasses, the images are more traditionally third-dimensional.

Chris Chute, an analyst at researcher IDC, doesn’t see camera sales improving. There are just too many homes with cameras. IDC projects industry revenue of $6.6 billion this year, down from $7.1 billion in 2009. But he does think the new features will get buyers to part with some cash.

“People are tired of being told they can’t have fun,” he says. “We’ll see a lot more people on vacation and going to social events. Cameras haven’t gone away at all. There’s a camera for everyone.”

South Florida Home Prices Decline Slowly

2010-02-23T22:59:00.001-05:00

South Florida Real Estate

Miami, Florida – Data through December 2009, released today by Standard & Poor’s for its S&P/Case-Shiller Home Price Indices, show that the U.S. National Home Price Index fell in the fourth quarter of 2009, but it has improved in its annual rate of return compared to third quarter reports.

The S&P/Case-Shiller U.S. National Home Price Index, which covers all nine U.S. census divisions, recorded a 2.5 percent decline in the fourth quarter of 2009 versus the fourth quarter of 2008. While down, it’s a significant improvement over the annual rates reported in the first, second and third quarters of the year, at -19.0 percent, -14.7 percent and -8.7 percent, respectively.

In December, the 10-City and 20-City Composites recorded annual declines of 2.4 percent and 3.1 percent, respectively. These two indices, which are reported monthly, have seen improvements in their annual rates of return every month since the beginning of the year.

“As measured by prices, the housing market is definitely in better shape than it was this time last year, as the pace of deterioration has stabilized for now. However, the rate of improvement seen during the summer of 2009 has not been sustained,” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

“In the most recent months, we are seeing fewer and fewer MSAs reporting monthly gains in prices. Only four cities saw month-to-month improvements in December over November when you look at the raw data. We are in a seasonally slow period for home prices, however, so it is not surprising to see better statistics in the seasonally-adjusted data, where 14 of the markets and the two monthly composites all rose in December. Similarly, the National Composite fell by 1.1 percent in the fourth quarter, but rose by 1.6 percent on a seasonally-adjusted basis.”

As of the 4th quarter of 2009, average home prices across the United States are at similar levels to what they were in the summer of 2003. The 4th quarter values fell when compared to the 3rd quarter; however, the decline in the annual rate of return has significantly improved.

The 10-City and 20-City Composites continue to show improvement in their annual rates of return. In fact, all 20 metro areas and the two Composites saw improvement in their annual returns compared to November’s data. Only three cities – Detroit, Las Vegas and Tampa – still showed double digit annual rates of decline as of the end of 2009. Miami, Phoenix and Seattle all moved above such rates with December’s report.

Looking at the monthly statistics, 15 of the 20 metro areas showed a decline in December over November, with Chicago posting the sharpest decline, down 1.6 percent. Las Vegas finally posted its first positive print in more than three years, with +0.2 percent. The Southwest continues to be a bright spot, with San Diego posting its eighth consecutive monthly increase, and Los Angeles and Phoenix both posting their seventh. Three of the markets – Charlotte, Seattle and Tampa – posted new low index levels as measured by the past four years.

In other words, any gains they might have seen in recent months have been erased and December is now considered their current trough value, according to the data.

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Homebuyer Tax Credit Video - Miami Real Estate 800-819-5466

2010-01-27T21:08:00.002-05:00

Click here to view a video about the Home Buyer Tax Credit.

Consumer Confidence Index climbs in Jan. Florida Real Estate

2010-01-26T22:32:00.000-05:00

South Florida Real Estate - Dean Isenberg - Realtor - 305-929-DEAN

Americans’ confidence in the economy improved modestly in January for the third straight month, as they begin to feel slightly better about business conditions and the job picture, according to a survey released Tuesday.

The Conference Board’s Consumer Confidence Index increased to 55.9 – the highest in more than a year but still relatively gloomy. That compares with 53.6 in December.

January’s index was better than the expected 53.5 forecast by economists.

Economists watch confidence numbers closely because consumer spending accounts for about 70 percent of U.S. economic activity. It takes a reading of 90 to indicate an economy on solid footing and 100 or more to indicate growth.

The new figures still don’t point to an end to the nation’s economic woes any time soon.

“Consumers’ short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months,” Lynn Franco, director of The Conference Board’s Consumer Research Center, said in a statement.

Tuesday’s figures are based on a survey of 5,000 households by the private research group.

Capital Economics analyst Paul Dales said Americans’ sentiments are well below the Index’s historic average of 95.

“In other words, despite the fact the economy probably grew at an annualized rate in excess of 5 percent in the fourth quarter, the labor market appears to be on the cusp of generating net employment gains, interest rates are at record lows and the rally in equities remains largely intact, confidence remains incredibly depressed,” Dales wrote in a research note. “This all suggests the legacy of the recession will live long in the mindset of consumers.”

While consumers were less dire about their income prospects, “(the number of) pessimists continues to outnumber the optimists,” Franco said.

Job security is a vital part of how Americans view the economy. Those who feel better about their jobs feel more comfortable spending money, which in turn fuels the nation’s economy. That means without a meaningful and steady increase in Americans’ faith that their paychecks will keep coming, and in turn a pickup in spending, there’s unlikely to be any strong revival in the economy.

“Without a sustained acceleration in consumption growth, the overall economic recovery is doomed to disappoint,” Dales wrote.

The unemployment rate held steady in December at 10 percent, down slightly from a 26-year high of 10.2 percent in October. Some analysts worry it will start climbing again in coming months, and could even rise as high as 10.5 percent next summer.

The Consumer Confidence index hit a historic low of 25.3 in February after registering 37.4 last January and enjoyed a three-month climb from March through May, fueled by signs that the economy might be stabilizing.

Since June, it has bounced along anemically between 47 and 55 as rising unemployment has taken a toll.

Also Tuesday, a report showed that The Standard & Poor’s/Case-Shiller home price index rose for in November – its sixth straight month of increases. And 14 of 20 metro areas posted improvements from the month before.

That index is now up 3.4 percent from its bottom in May, but still 30 percent below its peak in May 2006.

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Rates on 30-year home loans fall to 4.99%

2010-01-24T10:22:00.000-05:00

Florida Real Estate - Dean Isenberg - Realtor - 305-929-DEAN

WASHINGTON – Jan. 22, 2010 – Rates for 30-year home loans fell to a shade below 5 percent this week but remained above last month’s record lows.

The average rate on a 30-year fixed mortgage was 4.99 percent, down from 5.06 percent a week earlier, mortgage company Freddie Mac said Thursday.

It was the third-straight weekly decline. The drop comes after interest rates fell in the bond market this week as concerns about the economy increased demand for the safety of government debt, which is closely tied to mortgage rates.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

Rates for 30-year loans had dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.

The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.

While it’s possible that the program could be extended, analysts believe the Fed is reluctant to do so.

The average rate on 15-year fixed-rate mortgages fell to 4.4 percent, down from 4.45 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.27 percent, down from 4.32 percent a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.32 percent from 4.39 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 point for 30-year loans and 0.6 point for 15-year, five-year and one-year loans.

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FHA announces policy changes. Florida Real Estate

2010-01-22T11:35:00.000-05:00

Miami Realtor - Dean Isenberg

WASHINGTON – Jan. 21, 2010 – Federal Housing Administration (FHA) Commissioner David Stevens yesterday outlined the new set of policy changes created to strengthen FHA’s capital reserves.

The FHA proposed the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and downpayments for new borrowers; reduce seller concessions to three percent from six percent; and implement a series of measures to increase lender enforcement. U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.

Announced FHA policy changes:

1. The mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

• The first step is to raise the upfront MIP by 50 bps to 2.25 percent and request legislative authority to increase the maximum annual MIP that FHA can charge.
• If this authority is granted, the second step is to shift some of the premium increase from the up-front MIP to the annual MIP.
• This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing.
• The initial upfront increase is included in a Mortgagee Letter to be released today, Jan. 21, and will go into effect in the spring.

2. Update the combination of FICO scores and downpayments for new borrowers.

• New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5 percent downpayment program. New borrowers with less than a 580 FICO score will be required to put down at least 10 percent.
• This change will be posted in the Federal Register in February and, after a notice and comment period, go into effect in the early summer.

3. Reduce allowable seller concessions from 6 percent to 3 percent

• FHA says the current level exposes the FHA to excess risk by creating incentives to inflate appraised value.
• This change will be posted in the Federal Register in February, and after a notice and comment period, go into effect in the early summer.

4. Increase enforcement on FHA lenders

• Publicly report lender performance rankings to complement currently available Neighborhood Watch data will be on HUD’s website on Feb. 1. This is an operational change to make information user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
• Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
• Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.
• HUD is pursuing legislative authority to increase enforcement on FHA lenders.

In addition to these changes, FHA says it will continue to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards.

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Miami-Dade Pending Real Estate Sales Drop Slightly....

2010-01-22T11:17:00.000-05:00

Miami Foreclosures and Short Sales. Dean Isenberg - Realtor - 305-929-DEAN

Closed Sales Continue to Increase

Miami, FL – In Miami-Dade County, pending home sales decreased by 2.21 percent in December compared to the previous month, from 8,288 to 8,105 according to the Realtor Association of Greater Miami and the Beaches (RAMB) and Southeast Florida Multiple Listing Service. This slight decrease can be attributed to the holiday season, which traditionally results in fewer home sales. Since March 2009, when RAMB began tracking local pending sales, pending home sales have increased 43 percent as buyers have taken advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from. Closed sales have increased each of the last 16 months, a clear sign of the strengthening market and indicative of stabilization.

Pending sales of condominiums in Miami-Dade County also experienced a negligible decrease in December, dropping half of a percent from 4,414 to 4,394. Pending sales of single-family homes dropped 4.21 percent in December from the previous month, from 3,874 to 3,711.

“The Miami real estate market has experienced a dramatic recovery over the last year and a half, posting record closed and pending sales increases coupled with strong declines in housing inventory,” said Terri Bersach, 2010 RAMB Chairman of the Board. “The outlook is positive for Miami real estate in 2010, as the recently expanded and extended homebuyers tax credit is expected to further boost sales. Market opportunities resulting from record affordability, low interest rates, and a second wave of short sales and foreclosures will also fuel increased sales this year. Additionally the always-strong international buyer market segment will remain a major force in the South Florida marketplace.”

Miami-Dade Pending Condominium Sales Increase 60 Percent in Nine Months

In the last nine months in Miami-Dade, pending sales of condominiums increased 60.4 percent, while pending sales of single-family homes rose a 26.2 percent. The total number of pending sales increased a significant 43 percent from March 2009 to December 2009.

Broward County Pending Sales

In Broward County pending home sales decreased 5.04 percent, from 7,264 to 6,898 in December. Pending sales of condominiums in Broward County dropped 2.33 percent from 3,871 to 3,780. Pending sales of single-family homes fell 8.13 percent in December from the previous month, from 3,394 to 3,118.

In the last nine months, Broward pending sales of single-family homes rose 23.3 percent, while pending sales of condominiums increased 64.8 percent. The total number of pending sales increased 43 percent from March 2009 to December 2009.

About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. RAMB’s official Web site is www.miamire.com.

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Sorting through the homebuyer tax credit.

2010-01-21T09:46:00.000-05:00

South Florida Real Estate Information

WASHINGTON (AP) – Jan. 20, 2010 – If you bought a home in 2009, you could be eligible for a tax credit. Figuring out which one can be confusing.

There’s one credit for first-time homebuyers and another that primarily benefits homebuyers who owned a home before. But don’t mix it up with the first-time homebuyer credit in 2008, which actually was a long-term loan.

There are maximum income levels and maximum sales prices. And vacation homes or rental property don’t qualify.

“If you want to spend two hours reading the instructions and translating them and finding out whether you qualify, yes, it’s relatively simple,” said Jeff Schnepper, an MSN Money tax expert and author of “How to Pay Zero Taxes.”

Some questions and answers about the homebuyers tax credit:

Q. What’s the purpose of the credit?

A. Congress passed the tax credits in an effort to boost the struggling housing industry and fight recession. Indications are that it’s had an impact. The National Association of Realtors reported that November sales of existing homes were up 44 percent from a year earlier. Although new home sales dropped in November, figures from the Commerce Department show that they’re up 8 percent from the low in January 2009.

Q. How many people are claiming the credit?

A. “In all, 4.4 million households are expected to claim the tax credit before it expires,” Lawrence Yun, the Realtors’ chief economist, said in December.

Q. How many versions are there?

A. There are actually three.

The first credit, for first-time homebuyers, was really a long-term, interest-free loan that has to be paid back over 15 years. The maximum credit was $7,500 for a principal residence purchased between April 9, 2008, and June 30, 2009.

The second iteration made the first-time homebuyers credit a true credit – it doesn’t have to be paid back – and raised the amount to a maximum $8,000. It applied to homes purchased between Jan. 1, 2009, and Nov. 30, 2009.

The third change extended the eligibility dates to homes purchased through April 30, 2010. It also added a credit for long-time homeowners who purchased a new residence between Nov. 7, 2009, and April 30, 2010, but at a reduced value – up to $6,500.

Q. Do I automatically qualify if I purchased a house during those periods?

A. No. To qualify, the house has to be used as a primary residence. If purchased after Nov. 6, 2009, it cannot have cost more than $800,000. If you’re a long-time homeowner, you had to have lived in the same house consecutively for five out of the last eight years, though you need not have lived in or owned that house at the time you buy your new home.

For homes purchased after Nov. 6, 2009, the credit also begins phasing out for individuals with modified adjusted gross incomes above $125,000, and for married couples filing jointly with incomes above $225,000.

Q. How does the Internal Revenue Service define a principal residence?

A. “Your main home is the one you live in most of the time,” the agency said. “It can be a house, houseboat, mobile home, cooperative apartment or condominium.”

Q. What if I’m living overseas and I buy a home there?

A. The home doesn’t qualify unless it’s in the United States.

Q. How do I claim the credit?

A. There’s a form, 5405, to fill out. You’ll also have to submit a copy of your settlement statement, usually Form HUD-1, with the names and signatures of all parties, the property address, the sales price and date of purchase.

To avoid refund delays, the IRS recommends that long-time homeowners who purchase a new home also provide documents to show they meet the requirement for consecutive years lived in their old house. These can include mortgage interest statements, or property tax or homeowner’s insurance records.

Q. Do I have to wait until I file my 2010 taxes to claim the credit for a home purchased before the deadline in 2010?

A. No. “You can choose to claim the credit on your 2009 return for a home you bought in 2010 that qualifies for the credit,” the IRS said.

Q. I purchased my home in 2008 and filed for a credit on my tax returns. Do I still have to pay it back?

A. Yes. When Congress did away with the repayment requirement, it did not do so retroactively.

Q. What if I purchase the property for business?

A. You’re not eligible. The house must be used as a primary residence to qualify.

Q. What if I want to keep my original house and use it as a rental property?

A. If you qualify for the credit as a long-time homeowner, nothing in the law requires you to sell the original house. However, you must make the new one your primary residence.

Q. What if I decide to sell the house I got the credit for or convert it to a rental property?

A. You will have to pay back the credit if you don’t keep the purchased house as your permanent residence for three years.

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Homebuilding forecast: Modest growth in 2010

2010-01-21T09:44:00.000-05:00

Ft. Lauderdale Real Estate - Dean Isenberg Realtor

Miami – Jan. 20, 2010 – The fragile housing recovery should gather momentum this year as the economy strengthens, but high unemployment at least through 2011 will make for a slow turnaround, housing experts said Tuesday.

The panel of economists at the International Builders’ Show in Las Vegas agreed broadly on the outlook for the housing market and economy. Both, they said, had turned a corner, but there are slim prospects for a swift rebound.

“It won’t be a strong recovery, but it will be a recovery,” said David Crowe, chief economist for the National Association of Home Builders.

His forecast calls for sales of new and previously occupied homes to weaken after tax credits for homebuyers expire in April. But 2010 sales of new homes will be up by more than one-third, he said, and almost 7 percent higher for resales.

Crowe also sees home prices remaining stable going forward, though some cities may still see some slight declines in the coming months.

“I believe we’ve seen the worst of the house price declines ... The stage is set for the consumer to return,” Crowe said.

He expects builders to ramp up construction this year, with newly built homes totaling around 700,000. That would be a 25 percent increase over his tally for 2009. While he anticipates the economy will add some jobs in the April-June period, he projects unemployment will peak this year at 10.2 percent and then fall gradually to around 8 percent by the end of next year.

But homebuilders’ fortunes have brightened in recent months. Low interest rates and an $8,000 tax credit for first-time home buyers helped stoke demand for homes. The incentive was scheduled to expire at the end of November, but Congress extended the deadline through April and added a $6,500 tax credit for current homeowners who move.

Still, recent figures have raised doubts about how strong demand will be in the coming months.

New homes sales tumbled 11 percent in November from October to the lowest level since last spring. The number of people preparing to buy a home in November also dropped.

That’s left many homebuilders nervous that demand is weakening. Homebuilders’ confidence, measured by an NAHB’s index, fell this month to 15. It was the second-straight monthly decline and the lowest level since June.

The index reflects a survey of 504 residential developers nationwide. Index readings below 50 indicate negative sentiment about the market.

David Berson, chief economist for mortgage insurer PMI Group, said he expects mortgage delinquencies and foreclosures to climb this year. But he anticipates that banks and other mortgage companies will continue to hold properties on their books, rather than dumping them on the market at depressed prices.

“That does mean it will be longer before we start to get a real recovery in home prices,” Berson said. “By the time we get to 2011, the majority of the states should have price gains.”

He projects home prices fell almost 13 percent in 2009 from the prior year. His forecast calls for home prices to decline about 5 percent early this year, but end the year flat.

Freddie Mac Chief Economist Frank Nothaft, meanwhile, said he sees home prices to decline 3 percent this year. His forecast calls for mortgage rates to remain below 6 percent this year.

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Federal Housing Administration to raise fees. Miami real Estate

2010-01-21T09:40:00.000-05:00

Miami Florida Real Estate Services

WASHINGTON – Jan. 20, 2010 – The Federal Housing Administration is raising fees and tightening lending standards to shore up its strapped finances and avoid a taxpayer bailout.

The government agency has seen its losses rise with the foreclosure rate. Its reserves have sunk below the minimum level required by Congress. A healthy FHA is vital for the housing market because it insures roughly 30 percent of new loans, and is the largest backer of mortgages to first-time buyers.

The changes, which will go into effect in the first half of the year, “are among the most significant steps to address risk in the agency’s history,” FHA Commissioner David Stevens said in a prepared statement.

The FHA does not make loans, but rather offers insurance against default. Borrowers are willing to pay for the insurance because FHA loans only require down payments of 3.5 percent of the purchase price – and that didn’t change.

The new policies, to be announced Wednesday, are designed to bring more revenue into the agency, while at the same time keeping loans available.

Under the changes, homebuyers will:

• Pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Borrowers will still be able to wrap these fees into the total amount borrowed. FHA officials also plan to ask Congress to increase the maximum annual premium that FHA can charge.

• Need a credit score of at least 580 to qualify. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 will need a down payment of at least 10 percent.

The changes come as borrowers with loans backed by the agency have increasingly been falling into default. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure, compared with 14 percent for all loans, according to the Mortgage Bankers Association.

Mortgage lenders “will find the new rules painful but necessary,” said Howard Glaser, a mortgage industry consultant and former housing official during the Clinton administration.

There also have been fears that unscrupulous operators have shifted their business to the FHA after the subprime business went bust. Last week, the agency served subpoenas on 15 mortgage companies with suspiciously high default rates for FHA loans, part of a broad crackdown on dubious lenders.

The agency has already taken action against several problem lenders. One of the nation’s biggest mortgage bankers, Taylor, Bean & Whitaker Mortgage Co. of Ocala, Fla., was banned from the FHA program in August and filed for Chapter 11 bankruptcy protection. Another mortgage company, Lend America, was kicked out in November.

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Plan aims to speed short sales

2010-01-19T16:51:00.000-05:00

Plan aims to speed short sales

New rules curb closing surprises - Miami Real Estate 800-819-5466

2010-01-19T16:49:00.000-05:00

Real Estate In Miami - 305-936-2489 - The "I-Team"

McLEAN, Va. – Jan. 19, 2010 – Buying a home should be a joyful experience, but all too often, the mortgage settlement process leaves consumers confused, angry and paying more than they anticipated.

The reason? Closing costs and fees that are significantly higher than the lender’s original estimates. Borrowers find themselves faced with two unappealing choices: Pony up or walk away and start searching for another house.

Now, after years of wrestling with different factions of the mortgage industry, the Department of Housing and Urban Development has adopted rules designed to prevent last-minute closing surprises. The rules, which took effect Jan. 1, will reduce closing shocks and save homebuyers money, says Timothy Dwyer, CEO of Entitle Direct Group, a title insurance company. In addition, he says, “You’ll be better informed and educated.”

The biggest change involves the good faith estimate, the form lenders give consumers when they apply for a mortgage. The good faith estimate isn’t new, but in the past, the document wasn’t particularly helpful to consumers, says Sylvia Alayon, vice president of operations at the Consumer Mortgage Audit Center. What has changed:

Consistency. Lenders are now required to use a uniform three-page document when they give prospective borrowers a good faith estimate, says Vicki Bott, deputy assistant secretary for single-family housing at HUD.

Lenders also are required to provide the document within 72 hours after prospective borrowers apply for a loan.

This will allow consumers to figure out a loan’s total cost, including fees, and compare loan offers on an apples-to-apples basis, Bott says. “We encourage consumers to shop for the best rates and fees, and not just the best rate,” she says.

Transparency. Many borrowers who bought homes during the housing boom later discovered that their loans contained hidden bombs that made their mortgages unaffordable. The new good faith estimate requires lenders to disclose features that could drive up costs. For example, the document requires lenders to disclose whether your interest rate will rise – as would be the case with an adjustable-rate mortgage – and if so, by how much. Lenders will also be asked whether the loan includes balloon payments or imposes penalties for paying the loan off early.

“All of these are really important questions,” says Helene Raynaud, vice president of housing for the National Foundation for Credit Counseling. “It will be able to raise red flags for consumers.”

Trade-offs. Some lenders offer borrowers a lower interest rate in exchange for higher upfront costs -- or vice versa. A new table in the good faith estimate (see box) helps borrowers compare how different interest rates and settlement charges will affect monthly payments.

Reliability. Lenders are required by law to give mortgage applicants a copy of their settlement costs, known as a HUD-1, at least one day before closing. In the past, though, many borrowers discovered that the costs shown on the HUD-1 bore little connection to those provided in the good faith estimate.

The new rules will make it much more difficult for lenders to depart from their good faith estimates, Bott says. The new HUD-1 includes a line-by-line comparison to the good faith estimate, making it easy to identify any change in costs.

Lenders are prohibited from increasing costs they control, such as origination and processing fees. Fees for third-party services, such as appraisals and title insurance, can increase no more than 10% from those provided in the good faith estimate, as long as the borrowers use providers selected by the lender. The limit doesn’t apply if borrowers select their own third-party providers.

Other costs that aren’t subject to the 10% limit include the initial deposit for the borrower’s escrow account, daily interest charges and homeowner’s insurance.

HUD has published a guide for homebuyers, Shopping for Your Home Loan: HUD’s Settlement Cost Booklet. You can find it at www.hud.gov

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Only 8,405 in Fla. get mortgage modification.

2010-01-19T00:07:00.000-05:00

South Florida Real Estate - Foreclosure Information - 305-929-3326

TALLAHASSEE, Fla. – Jan. 18, 2010 – Fewer than 3,000 South Floridians have a permanent loan modification under President Obama’s nearly year-old program to stem home foreclosures.

In the Treasure Coast, just 111 troubled borrowers have seen permanent relief from the $75 billion plan announced in February.

The dismal performance of the program marketed as a helping hand for the nation’s more than 3.3 million delinquent home loans was released Friday in a Treasury Department progress report.

Throughout Florida, which by every measure is one of the states hardest hit by the real estate crash, there are 8,405 permanent modifications. In Palm Beach, Broward and Miami-Dade counties combined there are 2,987 permanent modifications.

Another 96,703 Florida loans are on trial modifications.

The Making Homes Affordable program gives incentives to banks to modify loans in three basic ways; reducing interest rates to as low as 2 percent, increasing the life of the loan, and reducing the principal owed on the loan.

“You keep hearing about this wonderful program the government is doing but it’s not working,” said Joel Bienvenu, who owns a home west of Boca Raton and has been trying to get a loan modification through Wells Fargo since August. “I keep getting excuses that they are just overwhelmed.”

Nationwide, 66,465 permanent modifications have been approved, less than 2 percent of the total loans that are 60 or more days delinquent. Another 46,056 permanent modifications have been approved by the lender, but not yet by the borrower.

The median monthly decrease to mortgages that received permanent modifications was $516, according to the Treasury Department.

From the beginning of the program, homeowners have complained about having to send lenders the same paperwork multiple times, while banks say borrowers provide the wrong documents or fail to meet the requirements for the permanent modification.

Anthony DiMarco, executive vice president of government affairs for the Florida Bankers Association, said Friday that lenders have been on a learning curve, but are improving.

“I think the industry is working hard,” he said. “You can’t ramp up a program like this overnight.”

Fort Lauderdale real estate attorney and foreclosure mediator Shari Olefson said the more than 1.1 million trial modifications offered to borrowers nationwide shows lenders are making an effort.

The fact that just 66,465 have become permanent points to a fundamental problem with the program, she said.

“The program itself is a failure,” said Olefson, author of Foreclosure Nation, Mortgaging the American Dream. “It’s trying to put a square peg in a round hole.”

To qualify for a modification, a person’s monthly housing expenses must be more than 31 percent of gross monthly income. But you also must prove that you can pay for the modification.

Olefson believes high unemployment and a steep loss in housing equity is keeping the plan from working.

“The whole program was crafted before we correctly identified the problem,” she said.

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HUD takes action to speed resale of foreclosed properties to new owners

2010-01-18T23:58:00.000-05:00

Miami Florida Real Estate 800-819-5466

WASHINGTON – Jan. 18, 2010 – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance to allow for a quicker resale of foreclosed properties. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” says Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan says.

Acquiring, rehabilitating and reselling foreclosed properties to prospective homeowners often takes less than 90 days in today’s market; and FHA’s 90-day rule can adversely impact buyers if a seller is unwilling to hold a property 90 days thanks to holding costs and the risk of vandalism.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” says FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on Feb. 1, 2010, and be effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping,” the waiver is limited to those sales meeting the following general conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.

• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

• Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website:
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

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US Treasury sets guidance to simplify 'short sales' 800-819-5466

2009-12-01T11:11:00.000-05:00

Short Sales Miami South Florida
The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.

The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury's website.

Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer, freeing borrowers from debt and capping claims of subordinate lenders.

The incentives, first announced in May, expand on the government's Home Affordable Modification Program, known as HAMP, that has seen limited success in lowering payments for distressed homeowners. The Treasury earlier on Monday stepped up pressure on mortgage companies to make permanent the 650,000 trial modifications they have started. See:
http://www.financialstability.gov/latest/tg_11302009b.htm

"While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve" or offer a modification, the Treasury said in its announcement.

Financial incentives for completing short sales or similar deed-in-lieu transactions -- in which the deed is simply transferred to the lender -- include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would receive $1,500 in relocation expenses.

Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower's credit rating and leave the property in better condition than when a homeowner is evicted. While primary lenders typically realize steep losses, their recovery is typically far better than under foreclosure.

But short sales have been frustrating for borrowers and real estate agents, often hung up by negotiations with multiple lien holders and mortgage insurance companies. Real estate agents have complained that sales fall through as lenders bicker over the sales price, what they should receive from the proceeds, and whether the borrower will be held accountable for the debt in the future.

Among requirements, mortgage servicers have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt. It also prohibits mortgage servicing companies from reducing real estate commissions on the sale, a practice that has dissuaded many agents from taking short sale listings. In one of the most contentious issues gumming up negotiations between lenders, the guidance caps the aggregate proceeds to subordinate lien holders at $3,000.

Second lien holders in recent months have begun demanding more money from the first lender, seller, buyer or agent in exchange for releasing their claim, agents have said. Because primary lenders would face larger losses in a foreclosure, some subordinate lenders have felt empowered, the agents said.

The largest second-lien holders are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc.

Second lien holders may proceed with a short sale outside of the Treasury program, if they felt the cap was too low, a Treasury official said in October.

"If there was a short sale program that didn't recognize the second lien holder position, it could have pretty damaging consequences for the industry," Sanjiv Das, chief executive officer of CitiMortgage, said in an interview last week.

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Foreclosures hitting more people with good credit. Miami Real Estate 800-819-5466

2009-11-22T22:05:00.000-05:00

South Florida Real Estate Services - Dean Isenberg - Turnberry Realty

The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery.

The latest evidence was a report Thursday that a rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure. That’s a shift from last year, when riskier subprime loans drove the housing crisis.

The report from the Mortgage Bankers Association also found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. It was a record-high figure for the ninth straight quarter.

The data suggest the housing market and the broader recovery will remain under pressure from the surge in home-loan defaults, especially as unemployment keeps rising. Lost jobs are the main reason homeowners are falling behind on their mortgages.

After three years of plunging prices, the housing market started to rebound this summer. That lifted hopes for the overall economy. But analysts say there are too many foreclosed homes that have yet to be dumped on the market and expect further price declines.

Among states, the worst damage is still concentrated in the states hardest hit from the start: Florida, Nevada, California and Arizona. Together, they accounted for 43 percent of new foreclosures.

South Florida Real Estate Services - Dean Isenberg - Turnberry Realty

One in four mortgages in Florida were either past due or in foreclosure, the most in the U.S. Nevada was close behind at 23 percent.

“There’s no indication in this data that foreclosures are going to abate anytime soon,” said Mark Zandi, chief economist at Moody’s Economy.com, who projects that nationwide home prices will fall up to 10 percent before bottoming next fall.

Driven by rising unemployment, prime fixed-rate loans to borrowers with good credit accounted for nearly 33 percent of new foreclosures last quarter. That compares with 21 percent a year ago.

Many laid-off homeowners might be able to survive on their savings for a while, but “the longer the economic situation stays in place, the less likely they are to hold on,” said Jay Brinkmann, chief economist at the Mortgage Bankers Association.

In markets where foreclosures already are high and still rising, prices likely will remain soft. That will cause developers to keep their bulldozers idle and prevent the industry from making a big contribution to the economy’s recovery.

“Builders only start homes when they can make money,” said John Burns, an Irvine, Calif.-based real estate consultant. “In a lot of areas, until prices go back up, construction doesn’t make any sense.”

The crisis has struck people like Betty Wilson of San Diego. She was laid off a year ago from her job at an insurance company.

Since then, Wilson has managed to pay her $1,090 mortgage bill from collecting unemployment benefits, renting out a room and dipping into savings. But money is running low. She fears she won’t make her payment for December.

Wilson, 56, said she has tried to get her mortgage company, GMAC Mortgage, to lower her 6.25 percent interest rate or give her a temporary break from payments. Many mortgage companies will let a borrower skip up to six months of payments, though they require that the money be paid back eventually.

After The Associated Press inquired about her case, a GMAC spokeswoman said Thursday that the company would offer Wilson reduced payments for four months, “while we continue to review her financials for a permanent solution.”

After a typical recession, foreclosures peak about six months after the unemployment rate does. But the process could take longer this time, in part because loan-modification programs and new state laws have prolonged the process. Unemployment, now at 10.2 percent, isn’t expected to peak until next spring or summer.

Another unknown is the effectiveness of the Obama administration plan to attack the foreclosure crisis. As of last month, about 20 percent of eligible borrowers, or more than 650,000 people, had signed up. But most of those enrolled have been chosen for trials lasting up to five months.

About 4 million homeowners were either in foreclosure or at least three months behind on their mortgage payments as of September, according to the mortgage bankers group. Even if some of them manage to stay in their homes, the market is likely to absorb a wave of new foreclosures. Those properties are concentrated in states like Florida and other already beleaguered areas.

Subprime loans with adjustable rates have fallen to 16 percent of new foreclosures, from 35 percent a year earlier. Loans backed by the Federal Housing Administration also show rising signs of trouble. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure.

The Mortgage Bankers Association’s quarterly survey of 44.6 million loans is considered the most authoritative report on mortgage delinquencies. A separate report, issued monthly by foreclosure listing service RealtyTrac Inc., is based on courthouse filings.

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Forecast hopeful with first-time homebuyers leading the way. Miami Real Estate 800-819-5466

2009-11-17T16:57:00.000-05:00

Miami Real Estate Agent - 800-819-5466

Aided by the homebuyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors® (NAR).

“Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” says Lawrence Yun, NAR chief economist. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”

The 2009 National Association of Realtors Profile of Home Buyers and Sellers shows that first-time buyers accounted for a record 47 percent share of home sales over the past year, up from 41 percent in the 2008 survey. The share has risen steadily since a cyclical low of 36 percent in 2006.

Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0 percent over last year, and then are forecast to rise 13.6 percent to 5.69 million in 2010. “A steady draw-down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun says.

New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.

The 30-year fixed-rate mortgage will probably average 5.3 percent in the fourth quarter, rising gradually to 5.8 percent by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for homebuyers.

“We’ve seen a steady downtrend in housing inventory for well over a year, and home prices appear to be in the early stages of stabilizing,” Yun says. “With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5 percent in 2010, but with wide geographic differences.”

He expects growth in the U.S. gross domestic product to be at a pace of 2.5 percent in the current quarter, with GDP up 2.8 percent in 2010.

The unemployment rate is close to peaking and is projected to ease to 9.5 percent by the end of next year.

“The size of the U.S. budget deficit is a concern going forward and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun says. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4 percent this year, then rising 1.6 percent in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4 percent this year and 1.2 percent next year.

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Buying a Home in Time to Get Credit - Miami Real Estate 800-819-5466

2009-11-15T18:15:00.002-05:00

Miami Florida Real Estate Agent - Dean Isenberg - 800-819-5466

House hunting usually slows down this time of year, as people put their searches on hold during the holidays.

This winter could be different, however, thanks to the extension -- and expansion -- of the first-time home-buyer tax credit.

"We're going to see far more interest in the fourth quarter than we generally do because of the tax credit," says Heather Fernandez, vice president of Trulia.com, a real-estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she says.

The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.

All buyers must have a binding contract on a house in place on or before April 30. The purchase must be for a principal residence and must close on or before June 30.

To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased.

Income limits have risen as well. According to the Internal Revenue Service's Web site, www.irs.gov, the home-buyer tax credit phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.

The inclusion of move-up buyers might inspire homeowners to take action and list their house if they've been putting it off, says Carolyn Warren, a Seattle mortgage broker.

"If people love their home, it's not going to entice them to sell," Ms. Warren says. "If they've had it in the back of their minds and really would like to move up, it might push them into doing it sooner than later."

If you're thinking of purchasing a home, here are five tips:

Don't procrastinate
Start your house search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.

When first-time buyers thought that the credit would expire Nov. 30, people scrambled to find properties in September and October, says Pat Lashinsky, chief executive of ZipRealty, a residential real-estate brokerage firm. In some cases, "there wasn't inventory that fit people's needs," he says. In some markets, including Phoenix, Chicago and parts of California, for example, properties had multiple bidders, Mr. Lashinsky adds.

Before you start house hunting, get preapproved for a mortgage, says Eddie Fadel, a Miami-based mortgage banker. And do a realistic assessment of what you can afford.

Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible, Ms. Fernandez says.

Don't count on another extension
The credit won't be available forever, Mr. Fadel says.

"This is a medication for the housing crisis," he says, "Once the patient -- which is the housing market -- is cured, there will be no medication needed."

Be mindful of interest rates
Interest rates are low right now, but will likely rise next year, Ms. Warren says. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying.

"It's pretty universally accepted that rates will be higher next year," she says. "What is unknown is how fast and by how much."

Average rates on 30-year fixed-rate mortgages have been hovering around 5%. But when the Federal Reserve stops buying large amounts of mortgage-backed securities next year, interest rates could rise, Ms. Warren points out. The Fed plans to end its purchase program in March.

Communicate with your lender
Make sure you're speaking with your lender regularly to avoid any delays. If the lender asks for any additional documentation, turn it in as soon as possible, says Doug Heddings, a New York-based real-estate agent with Charles Rutenberg Realty.

And think twice before pursuing a short sale. That's where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner's lender has to approve any deal, Ms. Warren says, and it can get complicated when there is a second mortgage associated with the property.

Don't take shortcuts
Don't forgo any of the steps you would normally take just to make the tax-credit deadline. That means making sure the house is a good fit and is in the right location and getting a home inspection, Mr. Lashinsky says. Skipping steps could cost you in the long run.

"Don't let the tax credit get you to make a decision to buy a house that you wouldn't otherwise want to buy," he says. "Don't shortcut the process to get the tax credit."

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Fed again pledges to hold rates at record-lows. Great for Real Estate

2009-11-05T17:11:00.000-05:00

Sunny Isles Beach Real Estate

The Federal Reserve pledged Wednesday to keep a key interest rate at a record low for an “extended period,” signaling that the weak economy remains dependent on government help to grow.

The Fed said economic activity has “continued to pick up” and that the housing market has strengthened – a key ingredient for a sustained recovery.

But Fed Chairman Ben Bernanke and his colleagues warned that rising joblessness and tight credit for many people and companies could restrain the rebound in the months ahead.

“Economic activity is likely to remain weak for a time,” they said.

Against that backdrop, the Fed kept the target range for its bank lending rate at zero to 0.25 percent. And it made no major changes to a program to help drive down mortgage rates.

Commercial banks’ prime lending rate, used to peg rates on home equity loans, certain credit cards and other consumer loans, will remain about 3.25 percent, the lowest in decades.

Still, some credit card rates have risen over the past several months. In part, that reflects rate increases by lenders in response to escalating defaults on credit card loans. Lenders also pushed through increases before a new law clamping down on sudden rate hikes for credit card customers takes effect early next year.

On Capitol Hill, the House voted Wednesday to accelerate the enactment date of the new rules to protect consumers from many such surprise changes. Credit card companies would have to comply immediately, rather than starting in February, unless they agreed to freeze interest rates and fees. But the proposal’s chances in the Senate are considered dim.

The average rate nationwide on a variable-rate credit card is 11.5 percent, according to Bankrate.com. Lenders charge more and credit card customers pay rates higher than the prime because the debt they run up is riskier.

On Wall Street, the Dow Jones industrial average at first held onto an increase of more than 100 points after the Fed’s announcement. But stocks eventually gave up most of their gains in a late-day slump. It wasn’t clear how much of a role the Fed’s statement played. Some analysts noted that investors are nervous as the release of the government’s October jobs report on Friday approaches.

In normal times, the Fed controls only short-term rates. But after the financial crisis erupted, the Fed began buying longer-term Treasuries. Its purchases kept those rates lower than they’d otherwise be.

This is good news for borrowers with auto loans, some student loans, 15- and 30-year fixed-rate mortgages and some adjustable-rate mortgages. But it hurts savers and people dependent on fixed incomes who would normally be enjoying higher yields.

On Wednesday, the Fed stuck with its pledge to keep rates at “exceptionally low” levels for “an extended period.” Most analysts don’t think the Fed would begin to boost rates until next spring or summer.

Fed policymakers “believe they need to keep rates low to ensure that the recovery doesn’t falter,” said Joel Naroff of Naroff Economic Advisors.

The central bank hopes low rates will encourage consumers and businesses to boost spending, which would invigorate the recovery. The Fed signaled that it can continue to hold rates low because inflation is all but nonexistent.

The Fed has now entered a new phase: Managing the recovery rather than fighting the worst recession and financial crisis to hit the country since the Great Depression.

The economy began growing again last quarter for the first time in more than a year. But much of that growth came from government-supported spending on homes and cars. The strength and staying power of the recovery are uncertain, especially once government supports are removed.

In such a fragile recovery, a rate increase by the Fed is unlikely anytime soon, said Chris Rupkey, an economist at the Bank of Tokyo-Mitsubishi.

“Growth does not mean a rate hike,” Rupkey said.

As with past rebounds, the budding recovery won’t likely stop the unemployment rate from rising. The rate, now at a 26-year high of 9.8 percent, is expected to hit 9.9 percent on Friday, when the government releases the unemployment report for October. The jobless rate could rise as high as 10.5 percent around the middle of next year before declining, analysts said.

At some point, once the recovery is firmly rooted, the Fed is likely to start signaling that higher rates are coming. One hint of an eventual rate hike would be the Fed’s changing or dropping its pledge to hold rates at record-low levels for an “extended period.”

It’s a delicate task. Boosting rates and removing supports too soon could short-circuit the recovery. On the other hand, holding rates low and keeping government supports intact too long could unleash inflation.

Though it didn’t change a program to help drive down mortgage rates, the Fed did say it will trim its purchases of debt from Fannie Mae and Freddie Mac to $175 billion, from $200 billion, because the supply of that debt has declined.

At its previous meeting in late September, the Fed agreed to slow the pace of a $1.25 trillion program to buy mortgage securities from Fannie Mae and Freddie Mac. It decided to wrap up the purchases by the end of March instead of at year-end. So far, the Fed has bought $776 billion of the mortgage securities.

Its efforts to lower mortgage rates are paying off. Rates on 30-year loans averaged 5.03 percent, Freddie Mac reported last week. That’s down from 6.46 percent last year.

Though the Fed will slow its purchases of mortgage securities, rates for home loans should remain low – in the 5 percent range – as long as the purchases continue, analysts say.

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Tax credit extension passes House and Senate. Florida Real Estate

2009-11-05T17:03:00.000-05:00

Miami Florida Real Estate -

WASHINGTON – Nov. 5, 2009 – The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it’s very close to gaining a longer life.

The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama’s signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow.

Until the president signs the bill, however, it is not law.

In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.

Florida downpayment assistance

After the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program – a downpayment and closing costs assistance program relating to the federal tax credit –automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund.

For more information on the Florida Homebuyer Opportunity Program, visit the Homebuyer Center on floridarealtors.org: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm

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Aventura Real Estate - Feds: More than 100 arrested for mortgage fraud.

2009-11-04T13:20:00.000-05:00

South Florida Real Estate-

A federal prosecutor says a crackdown on organized mortgage fraud this year has yielded 105 arrests from Jacksonville to Fort Myers.

A. Brian Albritton, the U.S. attorney for Florida’s middle district, announced the results of the nine-month investigation at news conferences Tuesday in Fort Myers and Tampa.

Albritton said the fraudulent loans totaled more than $400 million and involved more than 700 properties.

Defendants include mortgage brokers, real estate agents, lenders, sellers and buyers. Albritton called the problem an “epidemic.”

Florida’s middle district includes a swath that extends from Jacksonville to Fort Myers and includes the Orlando and Tampa areas.

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Outlook for 2009 Miami Real Estate: It’s a buyer’s market !

2009-11-01T19:43:00.001-05:00

Miami Real Estate - Now's the time to buy.

What’s the outlook for 2009? Florida Realtors® agree that it’s a buyer’s market! With lower prices and strong pent-up demand, Florida homes are highly attractive – especially to first-time and move-up buyers. Meanwhile, vacation residences continue to be warm-weather bargains to U.S. and international buyers.

Outlook for 2009: It’s a buyer’s market!
“We expect first-time homebuyers will be the largest segment next year,” says Ed Forman, president Watson Realty Corp., Jacksonville. “That includes a high percentage of single women buying their first property.”

The same pricing dynamics benefit working-age families in their 30s and 40s who may be moving into a starter home or looking for a move-up with more space for children, according to Mike Pappas, president and CEO, The Keyes Company, Miami. “For these buyers in particular, lower pricing is making Florida homes very attractive,” he says.

In many Florida markets, affluent buyers are picking up luxury properties as primary residences or second-homes – a trend likely to continue. “The high end of the Florida market has held up quite well,” says Brad Hunter, director, South Florida region, MetroStudy in Boca Raton.

International buyers remain an important component of the state’s market, especially in coastal areas like Miami, Fort Lauderdale, Naples and Sarasota, as well as Orlando/Kissimmee. Florida Association of Realtors research studies show buyers from Canada, United Kingdom, Mexico, South America and Europe generate more than 15 percent of residential transactions.

On the other hand, the traditional flow of retiree buyers to Florida remains uncertain in the year ahead. Slower economic conditions in the Northeast and Midwest – two prime feeder markets for Florida – may make it harder for retirees with modest incomes to make the big move to Florida. Many retirees are also faced with less purchasing power due to declines in their investment portfolio and may opt to stay put. However, the number of Baby Boomers reaching age 65 continues to increase and many of these prospective buyers will be considering Florida when the nation’s economic condition improves.

Market watch perspectives
If the opportunities for great value and investment potential are presented, will buyers hop the fence and buy? Experts weigh in.

Use these Web sites to get local stats and build your own market watch for prospective buyers and sellers.

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Feds: Chinese drywall reports still inconclusive. Miami Real Estate

2009-10-31T22:00:00.000-04:00

Got Miami ? Miami Real Estate Services

WEST PALM BEACH, Florida – Federal studies released Thursday cannot yet definitively link imported Chinese drywall to health problems or corrosion of pipes and wires that thousands of U.S. homeowners have been reporting for nearly a year.

The Consumer Product Safety Commission, which is leading the multi-agency investigation, said it needs to further study the matter before it can consider a recall, ban or other solutions to help affected homeowners. Additional results from ongoing studies were due to be released next month.

“The expansive investigation and scientific work that has been done and continues to be carried out is all aimed at providing answers and solutions,” Lori Saltzman, a director in the CPSC’s Office of Hazard Identification and Reduction, said Thursday. “No connections have been made yet.”

Saltzman said the agency, which has so far spent $3.5 million on the studies, has received nearly 1,900 homeowner complaints during one of its largest consumer product investigations in U.S. history.

“We understand this problem has literally driven people from their homes,” she said.

Homeowners, however, were frustrated by a lack of answers.

“So many of us have been really waiting on these results released today to offer us encouragement, but in fact, we’re quite disappointed,” said Holly Krulik, of Parkland, Florida, about 45 miles north of Miami.

Krulik and her husband, Doug, along with their two young children, moved in with her parents about six months ago because she says the Chinese wallboard in their home was making them sick and ruining the house.

“We’re hanging on by a thread here. When is help going to arrive?” said Krulik, who will soon join hundreds of others who have filed lawsuits.

Thousands of homeowners like the Kruliks who bought new houses built with the potentially defective materials are finding their lives in limbo as the lawsuits against builders, contractors, suppliers and manufacturers wind through the courts.

During the height of the U.S. housing boom, with building materials in short supply, American construction companies imported millions of pounds (kilograms) of Chinese-made drywall because it was abundant and cheap. An Associated Press analysis of shipping records found that more than 500 million pounds (226 million kilograms) of Chinese gypsum board was imported between 2004 and 2008 – enough to have built tens of thousands of homes.

They are heavily concentrated in the Southeast, especially Florida and areas of Louisiana and Mississippi hit hard by Hurricane Katrina.

The defective materials have since been found by state and federal agencies to emit “volatile sulfur compounds.” Officials have also found traces of strontium sulfide, which can produce a rotten-egg odor, along with organic compounds not found in American-made drywall. Homeowners complain the fumes are corroding copper pipes, destroying TVs and air conditioners, blackening jewelry and silverware, and making them sick.

And some homeowners are reporting that their insurance companies are dropping or refusing to renew their policies based on the presence of the wallboard in their houses, putting them at risk of foreclosure.

The federal test results released Thursday largely confirmed what prior testing had found. The multiple agencies investigating, including the CPSC, the Environmental Protection Agency and the Centers for Disease Control and Prevention, acknowledged the reported health symptoms are consistent with some sort of contamination. But the culprit is unclear.

The Chinese government is assisting with the investigation.

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First-Time Home Buyer Tax Credit May Be Extended. Aventura Real Estate 800-819-5466

2009-10-30T18:40:00.000-04:00

Aventura Real Estate - Miami Florida -

The current $8,000 tax credit for first-time home buyers is scheduled to end on November 30, 2009. An amendment to expand the tax credit, sponsored by Sen. Johnny Isakson of Georgia, is expected to be attached to a Senate bill extending unemployment compensation.

The new version would allow all home buyers -- not just first-time buyers -- who earn less than $150,000 as individuals and $300,000 as married couples to receive a tax credit up to $8,000. The cost of the new version of the tax credit is nearly $17 billion. The new tax credit would run through June 30, 2010.

However, shortly before we went to press, Secretary of Housing and Urban Development Shaun Donovan told the Senate Banking Committee that the White House hadn't make a decision about extending the tax credit and was looking at the costs.

In the meantime, home buyers continue to ask a lot of questions about how to apply the current tax credit.

Q: My daughter, who is a U.S. citizen, has lived in a foreign country for the past 23 years. So one could say her primary residence is not in the U.S. She and her husband recently purchased a home in the U.S. that will be used as a rental property. Will she be able to claim the first time home buyer tax credit?

A: Unfortunately, the $8,000 first-time home buyer tax credit (in its current incarnation) is only available for individuals who have not owned a home during the last three years and intend on using the purchased home as a primary residence.

Since your daughter intends on using the home as a rental, it will not qualify for the tax credit.

By the way, although the $8,000 tax credit has not yet been extended beyond its current sunset date of November 30, the new version being proposed does not provide a tax credit for investment property. It is only for those who are buying a home to live in.

Q: The closing on my house will occur at the end of October or the beginning of November. I should be eligible for the $8,000 first-time home buyer tax credit.

But here's the wrinkle: I will be inheriting a house in November when my father's estate comes out of probate. Will that make me ineligible for the $8,000 first-time home buyer tax credit? I plan to live in the house that I am purchasing.

A: The rules relating to the $8,000 first-time home buyer tax credit require you to be a first-time home buyer by the date of the closing. If you close on your home at the end of October and at that time qualify for the tax credit, you shouldn't have to worry about whether you're inheriting a house the following month. You need only comply with the other requirements.

To qualify for the tax credit, you must not have owned a home during the three years prior to the closing. You must live in the home you buy for three years and must use it as your primary residence.

Your modified adjusted gross income may not exceed $75,000 for single people and $150,000 for married couples. Above those numbers, the tax credit phases out. (Your adjusted gross income is basically what you would see at the bottom of the first page of your federal income tax return.)

To get the full benefit of the $8,000 first-time home buyer tax credit, the sales price of the home must be at least $80,000. The tax credit equals 10 percent of the purchase price of the home, up to a maximum of $8,000.

Most importantly, you must close on the purchase of your new primary residence no later than November 30, 2009.

There are other rules that provide that the home must be located in the United States. Non-resident aliens are ineligible to obtain the $8,000 first-time home buyer tax credit, and you can't buy the home from a close relative.

In answer to your question, if you inherit the home after you close on your primary residence, you should still be entitled to keep the tax credit as long as you live in the home you purchased for at least three years.

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Rates on 30-year loans rise to 5.03 percent - Miami Real Estate 800-819-5466

2009-10-30T17:40:00.000-04:00

Miami Beach - Rates for 30-year home loans climbed to 5.03 percent this week, the third consecutive weekly increase.

The average rate inched up from 5 percent a week earlier, mortgage company Freddie Mac said Thursday. The last time the average was higher was the week of September 24, when rates averaged 5.04 percent.

Rates had hovered below 5 percent for nearly a month until last week. They hit a record low of 4.78 percent in the spring, but are still attractive for people looking to buy a home or refinance.

The rates have advanced despite action by the government to prop up the housing market and stimulate the economy. The Federal Reserve has pumped $1.25 trillion on mortgage-backed securities in an effort to lower rates on mortgages and loosen credit.

Rates on 30-year mortgages traditionally track yields on long-term government debt.

Still, lenders have tightened their standards dramatically, so the best rates are available only to borrowers with solid credit and a 20 percent down payment.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, frequently in line with long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage rose to 4.46 percent from 4.43 percent recorded last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.42 percent, up from last week’s 4.4 percent. Rates on one-year, adjustable-rate mortgages rose to 4.57 percent from 4.54 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 points for 30-year loans. The fee averaged 0.6 points for 15-year, five-year and one-year loans.

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Florida’s existing home, condo sales up in 2Q 2009

2009-08-13T16:52:00.001-04:00

MIAMI, Florida – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.

“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.

“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”

MIAMI, Florida –

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.

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You didn’t really lose in Miami's housing free fall / Miami Real Estate 305-929-DEAN

2009-08-11T16:09:00.002-04:00

Miami, Florida – Stan Smith has some news for longtime homeowners having a pity party over falling house prices in South Florida: New research shows that current home values are just about where they would have been if the real-estate bubble had never inflated and burst.

A long-term view of the market reveals that, even though prices rose and fell dramatically in recent years, they appear to have settled back into historic patterns, according to an analysis by Smith, a University of Central Florida finance professor.

“Most homeowners are within 6 percent of where they would have been had there not been a bubble. The people who have been here since before 2005, they should not have been hurt,” Smith said, though he added: “... A lot of people did buy in 2005 and 2006, and obviously they have been hurt significantly.”

For about a quarter-century, starting in the late 1970s, home prices in Metropolitan Orlando increased 4.7 percent a year on average, according to Smith’s analysis of data from a federal housing-price index. Then the bubble emerged, with prices rising 20 percent in 2005 and 32 percent the following year. Homeowners were elated about their fast-growing equity – at least until the bubble burst in mid-2007.

The sharp drop in prices since then – 22 percent from the 2007 high – may have left the impression that the bursting bubble set back even long-term homeowners for many years to come. Yet prices now are about where you would have expected them to be had the dramatic rise and fall never occurred.

Steve Shapiro, who is trying to sell his Lake Mary home, hadn’t really thought about it before but said it makes sense that the price he is asking for his home of 10 years tracks the area’s long-term pricing trends.

“I think I’m about where it should be with the price,” said the retiree, who has listed his house for $269,000 with Exit Realty Central agent Julie Elrod-Boyd – the same agent who helped him buy it in 1999 for $161,000. He estimated the house would have sold for more than $300,000 about 18 months ago, so the price has retreated 10 percent since then.

“It was nice to think it was worth so much a year and a half ago, but I felt like it was a little inflated,” he said. “All the homes were.”

Volusia County Property Appraiser Morgan Gilreath has obtained results similar to Smith’s in his county.

Gilreath recently plotted home prices from 1996 to the present and concluded they are not far below where they would have been without the bubble. The mid-point, or median, for home prices in Volusia in May was $124,900 – down about $20,000 from where they would have been if they had continued on their long-range trajectory rather than inflating and deflating in recent years, he said.

A year ago, the median in Volusia was about $50,000 above the historic trend line, he said; two years ago, it was flying about $100,000 above that line.

Gilreath said his analysis was not as thorough as Smith’s research at UCF, but both indicate the residential market is not likely to decline much further.

“The point that the charts are telling us is that we’re close to where we think the bottom is going to be,” he said. “The question is: When is it going to turn around? I have evidence that it is turning around here [in Volusia].”

Smith said prices in the region may continue to fall but are less likely to do so now that they are so near the long-term trend line – a “positive indicator” for coming months.

Les Simmonds, president of the Orlando Regional Realtor Association, said people generally measure their home’s current value against what it was worth a year ago – a short-term view of the market.” I feel strongly that, had we not had this bubble, that the median price of the properties would be a little better than they are now, because of the way they’ve been pushed down [in the post-bubble market] by ... [distressed] properties,” he said.

“I said to my wife last week that, when the market was really high, if we had sold then, we could have made four times what we paid for the house.” The problem, he added, is that most of the people who sold at the peak usually then bought near the top of the market. Shapiro said that, once he sells his Lake Mary house, he is ready to retire to a log cabin in north Georgia and forget about the whims of the real-estate market for a while.

The only thing that will rise and fall on his cabin, he said, will be the runners on his front-porch rocking chair.

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Reports show economy mending. Miami Florida Real Estate 800-819-5466

2009-07-31T01:08:00.001-04:00

Miami Florida - Economic indicators keep saying what investors have known for months: Things are getting better.

The latest government report to reinforce a more positive view of the economy’s health was the Federal Reserve’s “beige book,” released Wednesday, which indicated many parts of the nation are seeing economic stability. Earlier in the day, President Obama told spectators at a town hall meeting in Raleigh, N.C., “We may be seeing the beginning of the end of the recession.”

And the July update of the USA TODAY/IHS Global Insight Economic Outlook Index predicts the economy will grow October through December, the first increase since September 2008.

“The evidence (of recovery) is building every day,” says Jim Paulsen of Wells Capital Management. “It’s settling and gives people more faith in what they’ve seen” from stock and bond markets.

The reports echo what stock prices have been predicting since March. The Standard & Poor’s 500 index has soared 44 percent from its March 9 low, despite falling 0.5 percent Wednesday.

While the latest pieces of economic data provide some comfort, they by no means signal a return to the boom times. Economic experts say they still are on the watch for information about:

• Clues on when a meaningful recovery is firmly underway. The beige book indicated the economy is still far from robust, because five of the Fed’s 12 regions – Boston, Philadelphia, Richmond, Atlanta and Dallas – were “subdued” or “weak” and Minneapolis was faltering.

“There may be a bottom, but where’s the bounce?” says Doug Roberts of Channel Capital Research. “There’s still a significant level of weakness in the economy.”

• Signs of health in the commercial real estate market. The beige book sounded concerns about the demand for office buildings, retail space and manufacturing facilities, says John Canally of LPL Financial. The fact commercial real estate remains soft could be a sign that employment, too, will be weak until early 2010, he says.

• Evidence of the federal stimulus kicking in. Much of the future hinges on how stimulus spending steers the economy, Roberts says, which won’t be known until next year. Some additional clues, though, will be released this week with reports on jobless claims today and GDP on Friday.

“There’s a lot of information that supports the idea we’ve turned a corner,” Paulsen says. “But there’s still a lot of doubt.”

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Copyright © 2009 USA Today. All rights reserved.

June new home sales rise 11 percent Miami Real Estate 800-819-5466

2009-07-27T20:49:00.001-04:00

Miami Florida Real Estate

WASHINGTON (AP) – New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.

The report is another encouraging sign that the beleaguered housing sector is finally coming back to life. Last Thursday, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.

There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007.

Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.

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Copyright © 2009 The Associated Press, Alan Zibel, AP real estate writer.

Details of FHA’s $8K downpayment advance released

2009-05-31T21:44:00.001-04:00

Got Florida .Com South Florida Real Estate

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) released more details today about its program to help first-time homebuyers use a tax credit as part of a downpayment.

HUD announced the program on May 12 at the National Association of Realtors® Housing Summit. In the interim, HUD posted an announcement and then immediately took it down, leading to speculation that the program would be pulled. In response, HUD said the rules had simply not been finalized, and the original announcement had been posted in error.

“We’ve been eager for word from the federal government since the new FHA downpayment assistance plan was announced, and even more so after the program details were first published and then quickly pulled,” says John Sebree, FAR vice president of public policy. “Luckily, that turns out to be a minor setback and there will be a federal downpayment program to complement the $30 million we were successful in securing in the Florida budget.”

The most significant change involves the amount of downpayment required by qualified first-time homebuyers. FHA mortgages require a 3.5 percent downpayment, and the $8,000 tax credit cannot be used to override that requirement. Once the 3.5 percent downpayment requirement has been met, however, the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and/or closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back.

“Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers,” says Sebree. Since lenders will oversee the tax credit loan, they must create internal programs to handle the process.

Lenders have some flexibility on payback requirements for the upfront loan of the tax credit, though HUD also created rules to protect homebuyers from onerous terms.

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South Florida home sales spike in February. Miami Real Estate

2009-04-13T12:26:00.003-04:00

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Prices are down as bargain-hunters, cash buyers snap up deals.

South Florida's existing home sales skyrocketed in February as irresistible prices and low mortgage rates continued to win out over the deepening economic gloom.

Broward County sales rose 39 percent last month, to 500 from 360 a year ago, the Florida Association of Realtors said Monday. The median price fell 30 percent, to $214,400 from $307,700, meaning houses now cost what they did in 2003.

The region's housing slump lingers in its fourth year, and mounting foreclosures and short sales are expected to depress prices through 2009 and most likely into 2010. While today's sellers grimace at the plummeting prices, more affordable homes ultimately will help the market rebound sometime next year, analysts say.

Despite rising unemployment and tight credit, year-over-year home sales in Broward have increased for eight consecutive months as investors and first-time buyers scoop up distressed properties. But weak job security has many potential buyers still sitting on the sidelines hoping prices keep falling and the overall economy improves.

The average 30-year fixed mortgage rate nationwide was 5.13 percent last month, down from 5.92 percent a year ago, according to mortgage giant Freddie Mac. Last week, average mortgage rates dropped below 5 percent and are expected to stay there.

"There's still a pool of people who have the financial wherewithal to buy a home, and now they're saying this is the right time," said Brad Hunter, a housing analyst based in West Palm Beach.

Broward's existing condominium sales also were brisk in February, rising 27 percent from a year ago. The median condo price was down 39 percent to $85,800.

The increased sales activity for homes and condos is making a dent in South Florida's bloated inventory of properties for sale.

Broward County has 31,921 available homes, townhouses and condos, down 14 percent from the end of November, according to a report Monday from Condo Vultures, a Bal Harbour-based real estate consulting firm.

"All-cash buyers are spooked by the stock market, and a lot of people are looking for peace of mind, and that's in bricks and mortar," said Peter Zalewski, principal at Condo Vultures.

Terry Story, a real estate agent for Coldwell Banker in South Florida, said she's running out of homes to sell. On a recent weekend, she had 27 showings, nearly triple her normal amount.

"If you're a serious seller, and you price it right, the home will sell," Story said.

But many sellers who bought recently say they can't price their properties to make a profit or break even because they paid peak prices themselves during the housing boom of 2000 to 2005.

While there are plenty of homes to choose from, some people don't want to buy now because of the declining job market and the belief that prices will fall even more in the months ahead, said Liliane Weinstein of Lang Realty in Broward and Palm Beach counties.

"Buyers are still very hesitant," she said.

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Cathy Kusuma and her husband are like many potential buyers: eager to find a home but not able to take the plunge until they sell their existing property.

The Kusumas have a sales contract on their Margate townhouse and expect to close in May. Last week, they put in an offer on a four-bedroom Parkland house, but it's a short sale and they don't know whether the bank will accept their bid.

"Circumstances have to line up just right," said Kusuma, 31.

Homeowners who have to sell before they can buy again often are left in limbo for months or even years.

A few weeks ago, Scott Kerr, 55, made an offer on a Deerfield Beach townhouse, but it was contingent on being able to sell his Delray Beach house.

He eventually had to pull out of the deal because he couldn't find a buyer. "I'm stuck," Kerr said.

In Palm Beach County, existing home sales rose 33 percent in February, while the median dropped 34 percent, to $228,100. Across Florida, sales rose 20 percent, and the median price fell 29 percent to $141,900. National new home sales figures will be released on Wednesday. Builders are reeling, with more than 100 nationwide, including the legendary Levitt and Sons of Fort Lauderdale, having folded in recent years.

Hollywood-based TOUSA Inc., which filed for bankruptcy protection early last year, said Monday it's suspending efforts to generate new sales and will focus on completing homes under construction, selling its remaining inventory of speculative homes and liquidating its land assets over time.

"The existing homes are being priced so aggressively that it's undercutting the builders quite a bit," said Mike Larson of Weiss Research in Jupiter.

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Chinese drywall spurs lawsuits and problems. Miami Realtor - Dean Isenberg 800-819-5466

2009-04-02T15:01:00.002-04:00

ORLANDO, Fla. – Drywall imported from China continues to make headlines nationwide, and a growing number of lawsuits have been filed in Florida. In response to the problem, FAR’s Business Forms Forum Task Force is considering a new form that addresses Chinese drywall problems. Task force members are slated to discuss the issue again on April 6.

Attorneys with Higer Lichter Givner, The Blumstein Law Firm and Podhurst Orseck have filed a federal class action lawsuit on behalf of Florida homeowners Janet Morris-Chin and Dajan Green. They’ve targeted Knauf Plasterboard Tianjin Co. Ltd., and the foreign company that distributed that company’s drywall within the United States, Rothchilt International Ltd.

Drywall manufactured in China was used in U.S. homes between 2004 and 2007. According to the lawsuit, toxic chemicals that emanate from the drywall have damaged houses, fixtures and personal property. Members of the class action are also seeking medical monitoring for any adverse effects of prolonged exposure to the toxic chemicals.

“We have filed a national class action because more than 60,000 homes in 13 states are believed to have defective Chinese drywall,” says Victor M. Diaz with Podhurst Orseck. “We anticipate that when the Consumer Products Safety Commission completes its investigation, this product will be recalled across the country. This could be potentially one of the largest product liability cases related to home construction in U.S. history.”

Morris-Chin and Green purchased their home in Homestead, Fla. Shortly afterward, they noticed damage from the defective drywall: an air-conditioning coil was black and iced over when it should have been copper-colored and ice-free; and two home computers stopped working and the nearby wiring was covered in black soot. The family also developed physical problems, including respiratory ailments and headaches.

So far, the Florida Department of Health has received more than 100 complaints concerning the Chinese drywall and health concerns. Lawsuits are being filed in Florida, Alabama and Louisiana, while residents in Mississippi, Virginia and California have also reported problems.

On Monday, U.S. Sens. Bill Nelson, (D-Fla.), and Mary Landrieu, (D-La.), proposed legislation seeking a recall and an immediate ban on tainted building products from China.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

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Foreclosures drove up 2008 U.S. home sales

2009-03-05T16:32:00.001-05:00

Miami Real Estate – Foreclosures drove U.S. home sales up 7 percent in 2008 after a 40 percent plunge the prior year, with eligible buyers lured by deep discounts and low loan rates, according to real estate data company Radar Logic.

So-called “motivated sales,” or foreclosed houses sold at auctions or by financial institutions, surged 177 percent last year while all other sales in the 25 metro areas tracked by Radar Logic fell by 17 percent.

“The market seems to have migrated to the point where motivated sales have become a far more constant part of the housing sales market,” Michael Feder, chief executive of Radar Logic, told Reuters.

These distressed transactions represented as much as a third of all activity last year, he said.

The housing market has swooned from 2006 record highs, glutted with unsold homes, including foreclosed properties and empty new construction.

“Buyers recognize that those are at significant discounts versus what all other people are asking for homes and are migrating to those first,” Feder said. Ultimately, that could be a positive for housing, suggesting there is a price point that has been reached that is attracting buyers, he added.

Prices sank in all 25 metro areas, pushing the Radar Logic composite index down 22 percent for the year.

The biggest sales gains were in areas with the largest annual price declines: California, Nevada, Arizona and Florida.

In California, motivated sales accounted for 47 percent of total sales in December, up from 23 percent a year earlier, based on Radar Logic data.

Falling mortgage rates bolstered sales, with Freddie Mac’s 5.1 percent average 30-year rate in December the lowest since the home funding company started keeping records in 1971.

Lower mortgage rates curb monthly payments, but do little to help potential owners come up with the increasingly large down payments that lenders require, Feder noted.

There is reason for optimism that President Barack Obama’s $275 billion home stability program will kick-start the worst housing market downturn since the Great Depression, though a dearth of specific details makes it unlikely a turnaround will be swift, Feder said.

The program aims to reduce foreclosures and press mortgage rates down.

In the latest sign of housing sickness, pending sales of existing homes slid sharply in January as the recession deterred buyers, based on a National Association of Realtors index that fell to a record low. The measure, based on contracts signed in January, tumbled 7.7 percent to 80.4, the lowest since the trade group started the series in 2001.

Feder contends that three major problems still darken the picture: the oversupply of unsold homes, restrictive access to mortgage credit and reticence of non-distressed home sellers to slash their asking prices.

“We get a turnaround in all three of those and I think we’ll have a housing recovery,” he said.

Access to mortgage money remains limited, with lenders battered by record foreclosures stemming from years of looser lending practices.

“We hear anecdotally that there are a lot of deals that are cut, but then buyers can’t get mortgages for more than 60 percent of the purchase prices, even though it’s at this ‘motivated’ price level,” Feder said.

“The mortgage money simply isn’t providing the capital necessary,” he added. “If the stimulus package begins to help make mortgage money available at numbers more like 80 to 85 percent loan to value, that’s going top help a lot.”

House prices are unlikely to rise before the supply imbalance improves.

To get that, “We’re going to need to have some balance between the absorption of motivated sales and a capitulation by non-motivated sellers to the new price levels,” Feder said.

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The Impact of Foreclosures on FICO Scores

2009-02-25T15:38:00.001-05:00

The Impact of Foreclosures on FICO Scores

The Mortgage Banker Association recently estimated that 1 out of every 200 homes in the US will be foreclosed upon. With the increased number of foreclosures, come many questions about their impact on the FICO score.

There is no denying that a foreclosure is considered a very negative event by the FICO score. Many people believe that it is impossible to rebuild credit after such an event. However, if all other credit obligations remain in good standing, it is possible the FICO score could rebound in just 2 years. Just like any other negative item on the credit report, as time passes, the impact on the credit score will lessen.

Recently, several alternatives to foreclosures have become popular. Some of these include “short sales” and “deed-in-lieu of foreclosure”. It is important to know that as far as the FICO score is concerned, there is no difference between foreclosures and these other options. Each is considered and an account that was “not paid as agreed” will have the same negative impact on the score. However, the account status reported is ultimately the decision of the creditor.

It is important to remember that even though both foreclosure and bankruptcy are considered very negative items by the FICO score, a foreclosure can be isolated to a single account. Often bankruptcies involve multiple accounts that are classified as “not paid as agreed”, so the negative impact can be farther reaching. In most cases, it takes much longer to rebuild credit after a bankruptcy.

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Fannie Mae allows investors to mortgage more properties.

2009-02-10T17:26:00.002-05:00

Miami Florida Real Estate

Fannie Mae modified a policy that allowed real estate investors to have only four financed properties. The number can now be five to 10, depending on whether certain eligibility, underwriting and delivery requirements are met. Florida Association of Realtors® (FAR) President Cynthia Shelton raised the investment issue with Fannie Mae officials last week.

“Many of our members have voiced concerns about Fannie Mae limiting investors to four properties,” says FAR Vice President of Public Policy John Sebree. “This comes as good news.”

The change is noted in a just-released update of Fannie Mae’s “Multiple Mortgages to the Same Borrower Policy.” The change is effective March 1. To qualify, borrowers must meet Fannie Mae’s criteria. They cannot, for example, have a history of recent bankruptcy, or a delinquency payment over the past 12 months.

Fannie Mae offers more information about its new policy in Announcement 09-02, released on Friday. To download the policy guidance (PDF format) and get more information on qualifying and underwriting, go to: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

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When will Miami Real Estate prices bottom out ?

2009-02-10T16:58:00.002-05:00

Miami Real Estate Deals – Housing prices will hit bottom in the fourth quarter of 2009, predicts Moody’s Economy.com in a new report.

“Despite the darkening national economic outlook and the weak conditions in the housing market, some positive signs give hope that a bottom in the housing market is coming into view,” the report says.

On average, home prices will decline 36 percent from the peak in the first quarter of 2006, the report says.

By the end of the housing downturn, nearly 62 percent of the nation’s 381 metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, says the report.

The declines will exceed 20 percent in about 100 metro areas, according to the report, and the recovery will be “lackluster.”

“A number of uncertainties in both the housing and economic outlooks remain, and the risks tilt to the downside,” says Moody’s Economy.com Chief Economist, Mark Zandi.

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Parc Central Aventura Condo For Rent 305-936-2489 Dean Isenberg Aventura-Homes.Com

2008-12-25T13:43:00.003-05:00

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2 Bedroom / 2 Bathroom
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Fla. picks 6 firms to offer coverage to uninsured

2008-10-20T20:14:00.001-04:00

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TALLAHASSEE, Fla. (AP) – United Healthcare and Blue Cross Blue Shield of Florida were among six insurers picked by the state Thursday to provide no-frills health insurance plans for nearly 4 million Floridians now without coverage.

The insurance products will be offered to residents who have been without insurance for at least six months and will become available for purchase in early 2009.

The program is the result of a bill signed into law in May by Gov. Charlie Crist that lets insurance companies offer scaled-back health plans without all the usually required coverages, which could provide some protection for as little as $150 a month.

It was a top priority for the Republican governor who said it would take away a lot of worry for those who can afford the new, albeit nominal coverage.

“We now are moving closer to seeing this low-cost health insurance option become a reality for Florida consumers who do not currently have health insurance,” Florida Insurance Commissioner Kevin McCarty said Thursday.

The program, known as “Cover Florida,” will be open to uninsured people between the ages of 19 and 64 and is aimed at preventive and basic care. Children and the elderly are generally eligible for other government programs such as Medicaid, Medicare and the state’s KidCare subsidized insurance program for children.

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United and Blue Cross Blue Shield will provide coverage statewide.

Florida Health Care Plan was selected to provide benefits in Volusia and Flagler counties, while JMH Health Plan, Total Health Choice and Medical Health Plan of Florida were chosen to offer plans for the uninsured in Broward and Miami-Dade.

The newly approved carriers will offer consumers at least two plans, one with catastrophic and hospital coverage, and one without.

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NAR: Pending home sales surged 7.4% in August

2008-10-08T13:36:00.002-04:00

Miami Real Estate Information

WASHINGTON – Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability.

“What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” Yun says. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he says. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”

Miami Real Estate Information

He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun says.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., says despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors can help buyers find reputable lenders while helping them navigate the transaction process,” he says. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”

Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.

Miami Real Estate Information

Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.

New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.

The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.

The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0percent in 2009.

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New program allows subprime mortgages to become a fixed-rate FHA. Miami Real Estate 305-936-2489

2008-10-02T15:09:00.003-04:00

Miami Real Estate Information

WASHINGTON – Oct. 2, 2008 – A new program rolled out by HUD yesterday could help more homeowners avoid foreclosure. Under the program, the lender of an existing subprime mortgage forgives part of the debt as if it’s a short sale, and the balance of the mortgage is rolled into a fixed-rate FHA mortgage. Unlike earlier programs, however, the HOPE for Homeowners program is aimed more at lenders than homeowners.

“For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” says HUD Secretary Steve Preston. “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.”

Miami Real Estate Information

The Economic and Housing Recovery Act of 2008 authorized the HOPE for Homeowners program. The HOPE for Homeowners Board of Directors was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.

The program began yesterday and ends Sept. 30, 2011. It’s available only to owner- occupants. In many cases, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.

Borrower eligibility

Borrowers should contact their lender to determine eligibility. General requirements include:

• The home is their primary residence, and they have no ownership interest in any other residential property, such as second homes.
• Their existing mortgage was originated on or before Jan. 1, 2008, and they have made at least six payments.
• They are not able to pay their existing mortgage without help.
• As of March 2008, their total monthly mortgage payments due were more than 31 percent of their gross monthly income.
• They certify they have not been convicted of fraud in the past 10 years, intentionally defaulted on debts, and did not knowingly or willingly provide material false information to obtain their existing mortgage(s).

Miami Real Estate Information

How the program works

The Board expects homeowners will participate in the program primarily through their current lender. HOPE for Homeowners includes the following provisions:

• The loan amount may not exceed a maximum of $550,440.
• The new mortgage will be no more than 90 percent of the new appraised value including any financed upfront mortgage insurance premium.
• The upfront mortgage insurance premium is 3 percent and the annual mortgage insurance premium is 1.5 percent.
• The holders of existing mortgage liens must waive all prepayment penalties and late payment fees.
• The existing first mortgage must accept the proceeds of the HOPE for Homeowners loan as full settlement of all outstanding indebtedness.
• Existing subordinate lenders must release their outstanding mortgage liens.
• Standard FHA policy regarding closing costs applies.
• The borrower must agree to share with FHA both the equity created at the beginning of this new mortgage and any future appreciation in the value of the home.
• The borrower cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs.

The costs to the homeowner include the upfront and annual insurance premiums, as well as a share of the equity created by the write-down associated with the HOPE for Homeowners mortgage and any future appreciation in the value of the home. If the home is sold or refinanced, the homeowner will share the equity with FHA on a sliding scale ranging from a 100 percent FHA share after the first year to a minimum of 50 percent after five years.

The lien holder that previously held the highest priority will receive payment up to a proportion of its original interest, not to exceed the amount of available appreciation. This type of delayed payoff will take place until all prior lien holders are satisfied or the amount of available appreciation is exhausted. All remaining appreciation is remitted to FHA.

Read more about HOPE for Homeowners at Hope For Home Owners

Miami Real Estate Information

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Mortgage crisis cuts both ways Aventura Homes

2008-10-01T14:03:00.002-04:00

South Florida Real Estate Information

MIAMI – Oct. 1, 2008 – She was only 21 when she decided to become a mortgage broker. A newlywed, Michelle LaPiana felt that her own broker had misled her and her husband during the daunting purchase of their first home in Hialeah.

She claims she fell prey to a bait and switch. The closing costs were nearly double what the couple previously had been told. By the time they sat with a title agent to sign the loan documents, it was too late to walk away without losing thousands of dollars.

“The closing costs were $9,680,” recalled LaPiana, now 38 and divorced. “I remember everything. I even remember my closing agent’s name.”

The incident angered her but also motivated her to help other people navigate the potentially treacherous process. A graduate of Hialeah-Miami Lakes High, she skipped college, got her license and launched what was a rewarding and successful career in mortgage lending.

Now, 17 years later, the former president of the Miami chapter of the Florida Association of Mortgage Brokers and once-ambitious subprime account executive finds herself broke and in foreclosure.

The single mother of two insists her story is not one of the recklessness, greed or fraud that has plagued the mortgage business and sparked the credit crisis on Wall Street.

Instead, she says, she is part of the damage left behind by an investment frenzy and a wave of opportunists who hijacked her profession and ran it in into the ground in just a few short years.

“I feel I was a victim, but I feel government is not going to help people like me,” LaPiana said.

LaPiana says she cannot find work in South Florida because of a new stigma attached to having worked in the world of subprime lending. Reports of felons having flooded the business during the boom years have not helped.

“They look at me as if ‘because of her this is why the economy is the way it is,’” LaPiana said.

The stigma may be worse in South Florida – often described as ground zero for subprime loans, or high-cost loans extended to borrowers with poor credit. Mortgages requiring no proof of income or assets were also widely sold. The high default rate among these loans is blamed for sparking the credit crunch that began a little over a year ago. Lenders began restricting access to credit to prevent future losses, leading to an economic slowdown.

But LaPiana says her role was less direct because she never sold a home to a borrower who couldn’t afford it.

Brian Kettenring, a head organizer with Florida ACORN, the Association of Community Organizations for Reform Now, a national grass-roots community activist organization, agreed that many real estate professionals are being unfairly painted with the same brush.

“There was a fair amount of predatory lending by brokers and lenders, but there are a lot of good people who work in the industry and too many of them are being hurt in the destruction of the industry as a whole,” Kettenring said.

Wave of failures

The ripple effects of the credit crunch hit an apex in recent weeks with the failure of the venerable investment bank Lehman Brothers; the near-collapse of American International Group, the world’s largest insurance company, and Washington Mutual’s seizure by federal regulators and subsequent sale in the biggest bank failures in U.S. history.

LaPiana said nobody foresaw the impending catastrophe from their respective corners. She views herself as among the tiniest of conduits in the vast matrix of players wheeling and dealing in the era of cheap money that made the housing boom possible.

After more than a decade of selling traditional mortgages, LaPiana was swept up in the excitement of new, innovative loans that made homeownership possible for millions of Americans.

In 2001, she joined Fieldstone Mortgage’s subprime division as a wholesale account executive. She would hold the same position at a string of other wholesalers over the next six years, specializing in high-cost and highly profitably subprime mortgages.

Wholesale lenders deal with mortgage companies and brokers who make their cash available to home buyers by immediately funding their loans. They do not deal with borrowers. Once the loans are brokered, the wholesalers, typically thinly capitalized companies, sell the debt to commercial banks, other lenders or investment houses, like former brokerage Bear Stearns.

“Subprime loans were the hot commodity of Wall Street. That’s all everybody wanted,” LaPiana said.

As an account executive, her job was visiting brokers and selling the loan programs offered by her company. Wholesalers generally compensate account executives based on the volume of business they bring to the company. For each million dollars LaPiana sold, she earned a half percentage point, or $5,000. In the peak years of the boom, she says she did an average of five deals a day. Sometimes, her biweekly paychecks topped $20,000.

“I still have the pay stubs,” LaPiana said ruefully, adding she couldn’t toss them because she hopes to once again earn such a handsome income.

The high life

With her new wealth, LaPiana traveled – skiing in Colorado and visiting New York City. She bought a top-of-the-line Jeep Commander and, after her divorce, a “dream home” in Kendall where she would live comfortably with her two girls and mother.

“I didn’t go overboard,” LaPiana insisted, “I didn’t buy the two investment properties, the two condos on the beach, but I should have saved more.”

Even though she was making almost $200,000 a year, her competitors, who sold loans requiring no proof of income or assets, were making more. LaPiana said many of the loans she sold didn’t ask for proof, but did require a borrower to submit evidence that they had filed an income tax return with the IRS as self-employed.

Such loans have been dubbed “liar loans” in the industry because of the high rate of fraud later found in mortgage applications when the homes went into foreclosure.

It was enough to give her competitors an edge. While LaPiana was pounding the pavements making sales to mortgage companies, many of her competitors were able to do most of their business by phone from their homes, she said.

The subprime lenders they worked for were also among the first to bite the dust when borrowers began defaulting in droves in 2007, she said. Soon LaPiana was jumping from job to job as four successive employers declared bankruptcy or closed their subprime divisions between 2006 and 2007.

Peter Ticktin, a Deerfield Beach lawyer who practices foreclosure defense, said the self-deluded industry imploded because it believed property values would continue rising, eliminating the risk of losses. “What was going on was a systematic Ponzi scheme,” Ticktin said. “It wasn’t where you had one main character organizing it. It wasn’t a conspiracy.”

The final insult

LaPiana’s last position was with the CIT Group, based in New York, which told its account executives last September they were out of a job.

“That one really hurt because it was like, ‘Where do you go from here?’ I realized there was a major problem. It all went rolling down,” she said.

Almost as fast as the subprime industry itself, LaPiana’s life went into a tailspin. She went from making great money to collecting unemployment. Her savings were eaten up by an expensive adjustable-rate loan, a car payment and the cost of supporting a family of four.

Her problems mounted as she struggled to find a job. In July, she woke up one morning and found her Jeep Commander missing from the driveway. It had been repossessed. “I knew it was going to happen,” she said. LaPiana made her last mortgage payment in May. The lenders are hounding her out of her half-million-dollar dream. She’s had to borrow money from friends.

“When your daughters ask you for money to go to the movies and you tell them . . . I can’t. …” LaPiana started to cry. “I have no insurance. I make my daughters drink their vitamins in the morning because they know they can’t get sick. I teach them how not to get sick.”

How does she cope with the stress?

“I smoke and drink a lot of coffee. I don’t sleep,” she said, wiping tears away.

Kettenring, of ACORN, said his organization was accepting applications for foreclosure prevention counselors at their South Florida office, and most were coming from former brokers.

“It’s incredible the number of people who are applying for those positions that have worked in the industry for years,” Kettering said, “We’re seeing the near total collapse of the housing industry including the employment of people who worked in the industry.”

Despite the trials, LaPiana hasn’t given up.

Described by her friends as a self-starter and a fighter, she recently got a license to sell insurance and is trying to build a book of business.

She still stays involved with mortgage lending, keeping up with new regulations. Her brokers license remains valid.

For more information regarding the above web Blog, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit them on-line at A-Realtor.Com

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South Florida Real Estate Information

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Short sales: A win-win or a minefield ? Call The Miami Short Sale Exprets 800-819-5466

2008-09-24T22:12:00.002-04:00

Miami Real Estate Information

MIAMI, FLORIDA – Short sales are a financial tactic that appears only in real estate downturns. Such sales are supposed to be a win-win that gets the seller out of a tight spot, a buyer a good deal and the bank off the hook.

But what sounds like a logical alternative to the usual outcome of defaults - foreclosure - can be a minefield. Critics charge banks with being shortsighted and a menace to neighborhood home values. Banks say they have obligations to their investors. Some say inexperienced real estate agents forward irrational offers and incomplete paperwork, then expect fast miracles from their inundated staff members.

The result inside this real estate downturn has often been frustration for sellers, buyers and banks. Banks have been resistant, operating in a new financial landscape that requires permission from global investors and other parties. Many real estate agents simply avoid short sales, steering buyers to bank repos. And sellers have become frustrated by complications and 60- to 90-day timetables.

"We did everything we could do, to do the right thing, and we're not getting anywhere," said Chris Britton of Orangevale, Calif. He said he's waited five months for his lender to respond to an offer.

The lender, Bank of America, insists that he pay thousands of dollars in late fees, he said, for accepting a short sale.

Britton's real estate agent, Kathy Gheen of Fair Oaks, Calif., said it's unreasonable. Meanwhile, Britton's buyer waits. All agree the house is headed to foreclosure if nothing changes.

Agents who try short sales often accuse banks of being shortsighted, even harming the market.

Miami Real Estate Information

"If we could get to a point where a quarter of sales ... were short sales, we would see price stabilization more quickly. The neighborhoods would be maintained and the properties would not be invitations to crime," said Scott Thompson, partner in Mortgage Resolution Services in Carmichael, Calif.

Thompson, one of the Sacramento region's most successful short sale specialists, said banks too often ignore short sale offers, then lose $40,000 foreclosing and more selling the home in a declining market.

Bankers agree about foreclosure losses and say it may partly explain rising short sale numbers reported to the state.

But in places like California, where 78 percent of defaults end in foreclosure, according to DataQuick Information Systems, they say short sales are troublesome.

Miami Real Estate Information

"All the lien holders have to release it. It may be palatable to us. It may not be palatable to another lender. That's one of the realities of short sales. It's a practical legal reality that has to be met," said David Bradley, spokesman for Bank of America and its recent Countrywide acquisition.

Banks prefer loan modifications over short sales, said Robert Satnick, president of the California Mortgage Bankers Association. Freezing or lowering interest rates helps people who want to stay with the house. Short sales aim at owners who just want out. He also cited problems with incomplete short sale applications.

"The banks are inundated," he said. "If you give them an incomplete application, it's going to the bottom of the pile."

Pepperdine University finance professor Len Rushfield, a former bank president, said short sales may be rising but are still too much work for most banks.

"It's easier to foreclose. There's a direct process there," he said. "It may be financially a better result if you get it done through a short sale, but getting it done is the blockage."

What's the No. 1 secret to getting a short sale done successfully?

"The first thing is to contact your servicer and let them know you intend to sell," said David Knight, vice president for Wells Fargo & Co.'s default and retention division.

"In this challenging environment, if you let us know early, we can get things ready, go through the financials and get ahead of the offer. Then we can make a decision quickly."

Miami Real Estate Information

He said too often, people submit the entire packet with their first offer. Sometimes it's incomplete.

"If you have done your paperwork, you are significantly better off to benefit from the deal that comes in," he said.

For more information regarding the above web Blog, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit them on-line at A-Realtor.Com

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Short sales: A win-win or a minefield ? Call The Miami Short Sale Exprets 800-819-5466

2008-09-24T22:12:00.001-04:00

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