Site blog for forclosures, Broward county properties for sale, and All south florida property listings.

  Each week I receive a list of the NOD (notice of default) properties in the South Florida area. Unfortunately, the size of this list continues to increase week after week.  This indicates that more and more people are finding it hard to make their monthly home payment and are falling behind on payments to a point that their lender starts the foreclosure process with this notice.  The national and local economy has created an environment where there are just more and more people losing their homes. The latest numbers out indicate that as many as 1 in four home owners could go into default.  

  A home foreclosure is very damaging.  It is hard on people both emotionally and financially.  For many people there is a very good alternative to giving their home up through foreclosure.  This alternative is called "Short Sale".  A "Short Sale" is a process where the home owner sells their home and then they are able to negotiate with their lender to take a deficiency pay off on their mortgage.  Not only can a "Short Sale" allow the home owner to remain in their home during the time of negotiation, but a "Short Sale" can also allow the home owner to have a much less devastating impact on their credit.  Today, most lenders would prefer that the homeowner goes through a "Short Sale" rather than losing their home to foreclosure.

  The process begins by the homeowner first determining whether they qualify for a "Short Sale". The South Florida Home Solution Team helps many homeowners with this process.  Once we determine if the homeowner qualifies for a "Short Sale", we then put the home on the market for sale. Once we have a sale then we begin the process of negotiating with the lender on the "Short Sale".  There are only a few Real Estate agents in or area with the experience to help homeowners with the "Short Sale" process.  We are experts at "Short Sales", so if there is anyone you know who is facing foreclosure, have them contact us.  We just may be able to save them from a horrible situation.  They can contact us directly or visit our website at

 www.ForeclosureRecoveryTeam.com

Trulia founder Pete Flint and Realty Trac Senior Vice President
Rick Sharga estimated that we may see 4,000,000 foreclosures in 2010.
This would be the highest rate of foreclosures since the real estate crash.

 “When the tax credit runs out, inventory will go up and interest rates will
Go up. Prices will go down again. We have a long way to go until we have
A healthy real estate market.” 

 In their forecast, they cited several reasons why things will remain challenging in 2010:

 * Mortgage interest rates will move into the 6 percent range.

 * The record high unemployment rate will continue forward

 * Negative equity will drive many home owners from their homes

 * Expiration of the tax credits

 * Difficulty buyers and investors have finding new financing for their
Home purchases

 * Large number of Alt-A and negative amortization loans that will
Begin resetting starting July 2010.

 For many of us in real estate, we want to be positive about a rebound in our market.
However, the economic factors influencing sales and home prices point to an “ugly”
Year. We cannot simply try to hold on for a few more months. Instead, we need to
Build our businesses and marketing campaigns around the spike in foreclosures.

http://www.renegademillionaireblog.com/4000000-foreclosures-in-2010.html

The Clock is Ticking...
Extended and Expanded Tax Credit Expires 4/30/10  

 For prospective buyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts as huge tax credits are about to expire. Here are important details for you to know:

Tax Credit for First-Time Home buyers
First-time home buyers may be eligible for the tax credit. The credit is 10% of the purchase price of the home, with a maximum available credit of $8,000. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

Tax Credit for Current Homeowners
The tax credit program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years. Single taxpayers and married couples filing a joint return may qualify for the full tax credit amount.

What Are the New Deadlines?
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010. Those in the military do have some special extensions on the time lines available.

What's So Great About a "Tax Credit"?
The benefit of a tax credit is that it's a dollar-for-dollar benefit, rather than a "tax deduction", or reduction in a tax liability that would only save you $1,000 to $1,500 when all was said and done. So, if a first-time home buyer who qualified for the entire benefit were to owe $8,000 in income taxes and would qualify for a tax credit of $8,000, she would owe nothing.

Better still, the tax credit is refundable, which means the homebuyer can receive a check for the credit if he or she has little or no income tax liability. For example, if a first-time homebuyer is eligible for a tax credit of $8,000 but is liable for $4,000 in income tax, she can still receive a check for the remaining $4,000!

Higher Income Caps
The amount of income someone can earn and qualify for the full amount of the credit has been increased. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

Maximum Purchase Price
Qualifying buyers may purchase a property with a maximum sales price of $800,000.

It's also important to note another upcoming deadline as the Federal Reserve winds down a program that has been keeping home loan rates artificially low. The fact is that the lowest rates of 2009 were driven down to their attractive levels because of the Fed's Mortgage Backed Securities (MBS) purchase program, which the Fed once again emphasized in its January 27, 2010 Rate and Policy Statement will end on March 31, 2010. As the Fed's program winds down and ends, rates could rise over time since MBS will have less support from the Fed.

If you have any questions regarding the tax credit, pick up the phone and call me. I'm here to help you take advantage of one of the greatest opportunities home buyers may ever have.  

  After more than a year of advocating a standardized short sale process- the government has answered back. On November 30, 2009 the U.S. Treasury announced HAFA. While HAFA doesn't implement all our suggestions, it is an exciting step in the right direction. To find out more, you can access the program's website for specific guidelines. Real estate agents are needed more now than ever to take action on the seller's behalf. For more information on the requirements, incentives, and highlights of this program take a look at the CDPE HAFA guidelines packet we've assembled just for you.

HAFA Guidlines Get Report Now Below:

www.ForeclosureRecoveryTeam.com

 US Treasury report that pledges new aid to Fannie Mae and Freddie Mac. Announced December 24th, the Treasury plans to exceed the $400 billion-dollar cap in government aid, while Fannie Mae and Freddie Mac's serious delinquencies now exceed 5 percent.

The beginning of a new year - and a new decade - is the time many people pledge to live differently. For many, that change means living a more sustainable lifestyle. Sustainability, once only a buzz word, is now fast becoming the way to live consciously.

From reducing your water usage to buying organic, here are 10 simple ways to make 2010 the year of sustainable living:

1. Use water more efficiently: Water is a limited resource and limiting it within your household is a cornerstone of sustainability. Rain barrels, largely unheard of even a decade ago, are becoming a popular way to collect and reuse rainwater for purposes like gardening. Meanwhile, conserving water in the home by taking shorter showers or even fixing a leaky faucet also can make a difference at a time when many communities are experiencing water shortages or are expressing concerns about water overuse.

2. Compost: Turning over leaves by way of a new compost garden is one way to live a more sustainable lifestyle. A compost heap is a simple, effective way to collect yard waste, like leaves and grass clippings, and kitchen scraps such as raw vegetable peelings and coffee grounds, and return them to the ground as organic matter.

3. Seek earth-friendly packaging: To better fill that compost heap, alter shopping habits to look for products with compostable packaging. Snyder's of Hanover, for instance, recently introduced a new Pretzel Variety Sack of 100-Calorie Pretzels and Pretzel Sandwiches in the market's first 100 percent compostable outer package made from 100 percent renewable cornstarch-based plastic. The new Variety Sack includes a special logo indicating that the bag can be composted and is made with sustainable materials. In addition to that example, more manufacturers are switching to cardboard packaging materials, which are made from renewable materials and can be recycled or composted.

4. Buy local, embrace organic: Many farmers, ranchers and, increasingly, food manufacturers, are offering foods and beverages made using sustainable practices. It could be a farmers market tomato, a local dairy's milk, an organic snack food, like new Organic Honey Whole Wheat Sticks and Organic Whole Wheat and Oat Sticks from Snyder's of Hanover, or any number of natural or organic items. The bottom line is that natural, organic and locally produced foods provide both sustenance and sustainability. To learn more about Snyder's of Hanover's sustainability initiatives visit www.snydersofhanover.com/Sustainability/.

5. Go to seed: Take the locally grown movement a step further - like in your own backyard or patio. An afternoon spent planting seeds or small plants can yield plenty of rewards a few weeks or months later, in the form of fresh, inexpensive and convenient vegetables and fruits. You don't need a large tract of land, in fact, to start a small garden.

6. Ride out the trend: Sustain your own energy level by opting to ride a bike or walk to a destination that isn't all that far away. Add a basket to a bike or take along a backpack to bring something back home.

7. Re-recycle: Recycling is nothing new and most people have been recycling in some form for years. But recycling can be taken to another level, going beyond obvious and traditionally recycled items like soda cans or newspaper to the smallest of waste materials, from plastic straws to the paper straw wrapper. Why not recycle apparel as well, by donating clothes and buying gently used clothes?

8. Plug in: Learn how to operate appliances more efficiently. For example, use cold water in the washing machine: clothes will still be cleaned, without the use of heated water. Turn off appliances when not in use, whether it's the television, video game player or radio. Better yet, completely unplug. Many electronics and battery chargers continue to draw a small amount of power even when they are switched off. Instead, use a power strip to cut power completely when not in use.

9. Lighten up: Use energy efficient lighting and bulbs when possible and turn off lights when not in a room. That will cut energy use - and the family budget.

10. Get involved: As the sustainability movement gains traction among the public, there are more opportunities to join in. Local communities, schools and organizations often have green committees, and there is a plethora of national and grassroots organizations geared around earth-friendly living that appreciate new volunteers or members. (ARA)

Contract activity for pending home sales fell after a surge of activity in preceding months to beat the original deadline for the first-time home buyer tax credit but remains comfortably above a year ago, according to the National Association of Realtors®.

The Pending Home Sales Index, a forward-looking indicator based on contracts signed in November, fell 16.0 percent to 96.0 from an upwardly revised 114.3 in October, but is 15.5 percent higher than November 2008 when it was 83.1.

Lawrence Yun, NAR chief economist, said a drop was expected. “It will be at least early spring before we see notable gains in sales activity as home buyers respond to the recently extended and expanded tax credit,” he said. “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own. We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”

Let’s take a look at the Miami real estate sales statistics for December compared to December 2008 to see how the market is looking in South Florida: 

Single Family Homes Sales in Miami

The Miami market is representative of the South Florida market as a whole when comparing December 2009 to December 2008. 

The number of single family homes sold in 2009 decreased by 4.3 percent compared to 2008. The number of new homes on the market decreased by 30.2 percent. The average sales price declined by 3.9 percent to $235,041, while the year-to-date average sales price declined 29.7 percent to $211,707. 

Condo/Coop/Townhouse/Villa Sales in Miami

December 2009 market statistics for condo/townhouses etc. in Miami showed an increase in sales with sold listings up by 48.7 percent compared to 2008. New listings decreased by 7.8 percent. The average sales price decreased by 5.3 percent to $176,281 and the year-to-date sales price dropped 32.7 percent to $175.041.

If you want to learn more about South Florida real estate, please contact us at 754-204-0069 or visit www.SouthFloridaHomeSolutions.com

To begin searching for South Florida homes, please use our complimentary MLS  search. www.SearchBrowardMLS.net  

Statistics provided by the Realtor Association of Miami-Dade County and are deemed reliable, but not guaranteed.

Friends,

   I hope you and yours are enjoying this holiday season! I wanted to check-in and see how you’re doing as we make the transition to the New Year. I’m finding many of my friends and colleagues are organizing their finances to avoid starting the year with financial worry. We could all use a fresh start when reevaluating our financial security in today’s market!

To do my part, I wanted to reach out to see if you or someone you know might be able to use my assistance.

I received training in handling distressed properties to help my community find answers in their time of need, and to keep my friends and neighbors as far as possible from the looming thought of foreclosure. That’s why I’ve created a website to provide answers and assistance, even a free report on a homeowner’s first steps when facing an upside-down mortgage and possible foreclosure:

http://www.ForeclosureRecoveryTeam.com

If you or someone you know is upside-down on the mortgage, you need to know what to do next. The power to change your financial path, and protect your family’s future, is in your hands.

As always, please don’t hesitate to contact me. It would be great to hear from you again.

Sincerely yours,

Michael Peron