Foreclosures in Palm Beach County were up 63% from January to February.
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Showing posts with label foreclosures. Show all posts
Showing posts with label foreclosures. Show all posts
11/24/09
Some eye-opening stats...
According to a CNNmoney.com report today, nationally, 1 in 4 mortgages is currently “under water”. That comes to almost 11 Million homes where the owner owes more than the home is worth.
The majority of underwater mortgages are heavily concentrated in five states that have particularly suffered from the housing bust: Nevada, at 65%; Arizona, at 48%; Florida, at 45%; Michigan, at 37%; and California, at 35%.
For us in Florida, that is a very scary number…45% of all homeowners owe more than their homes current market value! Add to that continued job losses and the potential number of defaults/foreclosures is tremendous.
Hopefully, the expanded and extended homebuyer tax credit will keep a finger in the dyke long enough to give sellers who are not yet under water who want/need to sell to a chance to get out. But looking forward, as the tax credit expires, and if the Fed follows through on its plans to scale back its purchases of mortgage-backed securities (MBS), which will signal the end of these historically low interest rates, I sincerely believe that we will see a resumption of the decline in home values here in South Florida.
Sellers and those thinking of selling take heed…your window of opportunity is the next 6 months…
The majority of underwater mortgages are heavily concentrated in five states that have particularly suffered from the housing bust: Nevada, at 65%; Arizona, at 48%; Florida, at 45%; Michigan, at 37%; and California, at 35%.
For us in Florida, that is a very scary number…45% of all homeowners owe more than their homes current market value! Add to that continued job losses and the potential number of defaults/foreclosures is tremendous.
Hopefully, the expanded and extended homebuyer tax credit will keep a finger in the dyke long enough to give sellers who are not yet under water who want/need to sell to a chance to get out. But looking forward, as the tax credit expires, and if the Fed follows through on its plans to scale back its purchases of mortgage-backed securities (MBS), which will signal the end of these historically low interest rates, I sincerely believe that we will see a resumption of the decline in home values here in South Florida.
Sellers and those thinking of selling take heed…your window of opportunity is the next 6 months…
10/23/09
Mortgage Meltdown...Foreclosed homeowners may still have debt to pay
October 23, 2009
Article From the Daily Business Review
By: Paola Iuspa-Abbott
Jeff Baum is at the forefront of a real estate industry trend that is sure to cause more pain for homeowners who thought they had left their troubles behind.
Baum, a principal with Green Circle Capital Group in Boca Raton, brokers the sale of nonperforming residential debt between lenders and investors. Those investors buy the debt with the intention of collecting from the former homeowners.
“I’ve made quite a bit of my living over the last two, three years selling deficiency balance paper,” said Baum,
A deficiency balance is the portion of the mortgage loan that wasn’t covered by the sale of the home. That debt becomes an unsecured note similar to other consumer debt such as credit cards.
Article From the Daily Business Review
By: Paola Iuspa-Abbott
Jeff Baum is at the forefront of a real estate industry trend that is sure to cause more pain for homeowners who thought they had left their troubles behind.
Baum, a principal with Green Circle Capital Group in Boca Raton, brokers the sale of nonperforming residential debt between lenders and investors. Those investors buy the debt with the intention of collecting from the former homeowners.
“I’ve made quite a bit of my living over the last two, three years selling deficiency balance paper,” said Baum,
A deficiency balance is the portion of the mortgage loan that wasn’t covered by the sale of the home. That debt becomes an unsecured note similar to other consumer debt such as credit cards.
Journeys End Lis Pendens update
According to public records available as of today, there are 31 homes in Journeys End/Grande Estates that have had a Lis Pendens (notice of default/foreclosure) recorded.
There are currently 2 bank-owned homes in Journeys End...both are under contract for sale by the bank.
1 of the 31 has had a sale date set and recorded in public record.
There are currently 2 bank-owned homes in Journeys End...both are under contract for sale by the bank.
1 of the 31 has had a sale date set and recorded in public record.
9/20/09
Lis Pendens report...as of September 15th
According to Palm Beach County courthouse records availabe to us, as of September 15, there are 34 Journeys End/Grande Estates properties with an active mortgage-related "Lis Pendens". Basically, a Lis Pendens can be described as a recorded notice of a pending lawsuit against a property owner. Some states require lenders to file a lis pendens to begin the foreclosure process if a borrower is in default on loan payments.
However, a Lis Pendens does not necessarily mean that a particular property is "about to be sold at the courthouse steps". Many homeowners catch up on missed payments...work out a forebearance agreement with their lender...refinance...sell...short sell, etc. So don't expect there to be 34 bank-owned homes in Journeys End anytime soon...but, that's about 7% of all Journeys End homeowners with an active Lis Pendens-which does not take into account the number of homeowners behind on payments where the lender has not filed a Lis Pendens yet. So, notwithstanding all of the recent positive housing news...it doesn't look like we're totally out of the woods yet.
However, a Lis Pendens does not necessarily mean that a particular property is "about to be sold at the courthouse steps". Many homeowners catch up on missed payments...work out a forebearance agreement with their lender...refinance...sell...short sell, etc. So don't expect there to be 34 bank-owned homes in Journeys End anytime soon...but, that's about 7% of all Journeys End homeowners with an active Lis Pendens-which does not take into account the number of homeowners behind on payments where the lender has not filed a Lis Pendens yet. So, notwithstanding all of the recent positive housing news...it doesn't look like we're totally out of the woods yet.
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