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4 Bedrooms 3 Bathrooms Pool home for sale 2,940 Sq.Ft.,Bring Offers Bank Owned and a Must see! Click Below...

http://www.southfloridahomesolutions.com/property/1439-SHORELINE-WAY-HOLLYWOOD-Florida

Benjamin Franklin

WEST PALM BEACH, Fla. – Aug. 17, 2010 – The number of homes and condominiums for sale across South Florida has steadily declined over the past two years, an encouraging sign for the region’s battered housing market.

Still, industry observers worry about a sizable “shadow inventory” of foreclosed homes that could complicate any real estate recovery.

Broward County had 19,869 properties on the market in July, down 35 percent from July 2008, according to a multiple listing service report compiled by the Keyes Co.

Palm Beach County’s inventory of homes and condos slid 31 percent to 23,947 during the same period.

The supply of new homes being built in the two counties also has decreased sharply in the past two years, said Brad Hunter of the Metro study research firm in Palm Beach Gardens.

In 2005, sellers rushed to list their homes, hoping to fetch record prices during the housing boom. But the frenzy led to a collapse and prices plummeted.

Thousands of foreclosures and short sales have clogged the market ever since, giving buyers plenty of choices and little reason to pay top dollar.

“You won’t get price appreciation until you get the inventory in balance,” said Mike Pappas, president of Keyes. “We’re making great strides.”

Declines in homes for sale already have helped stabilize prices recently.

The median price in Broward rose 7 percent during April, May and June to $209,800 from a year ago, the Florida Realtors said Wednesday. Palm Beach County’s median increased at the beginning of the year but dipped 2 percent in the second quarter to $235,500.

Pappas said his firm is handling fewer transactions involving foreclosed homes, and he thinks that’s an indication the foreclosure market has peaked.

But some analysts disagree, pointing to a recent surge in homes repossessed by lenders that is pushing inventory levels higher in recent months.

Banks are on pace to take back nearly 50,000 properties in Palm Beach, Broward and Miami-Dade counties this year, according to CondoVultures.com, a real estate consulting firm. Many lenders are careful to hold off listing those properties for sale all at once to prevent widespread price declines.

Sean Snaith, an economist at the University of Central Florida, expects more foreclosures to result from homeowners losing their jobs. And he said the sagging labor market likely will discourage potential homebuyers.

“You have to have a healthy labor market as a foundation for a healthy housing market,” Snaith said.

Another concern is the expiration of the federal homebuyer tax credits.

Buyers who signed contracts by April 30 and close by the end of September are eligible for the $8,000 and $6,500 tax rebates. But people who put homes under contract after April 30 don’t qualify.

While pending sales still are robust, demand for homes is expected to wane in the second half of the year. Fewer sales would keep the supply of homes elevated and ultimately hurt pricing, said Chris Lafakis, an economist covering Florida for Moody’s Economy.com in West Chester, Pa.

“Our forecast is that … demand won’t be strong enough to work off the excess inventory fast enough to stave off future price declines,” Lafakis said. “But by this time next year, the worst of the declines will be over.”

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owners. Distributed by McClatchy-Tribune Information Services.

Posted by vmsmith under Clearwater Beach Real Estate

http://vmsmith.wordpress.com/2010/08/17/inventory-of-homes-for-sale-shrinks-in-south-florida

 Your action for today is to attempt to do something regardless of whether you think you can do it or not.

NOTE FOR SALE

AUGUST 17, 2010

Panama City, FL - (2) TRIPLEXES & (1) SHF
A 1st and 2nd mortgage (and note) exists on BOTH triplexes. They must be refinanced (paid off by a lender/investor) so the investor can then hold 1st position on both triplexes. The existing notes are at 5.5% and total about $180,000. The proposed deal is for an investor to "hold" a new note on each triplex (and the SFH) at 8%.
Note: $220,000-$225,000 (including closing costs)
Appraised value:$410,000 (combined)

REO PROPERTIES

Los Angeles, CA - 11 properties
Cherry picking available. WD deeds. Available under a JV partnership only. We will rehab and resell the properties. Expected average ROI is 29% after rehab costs. Financials, rehab costs, ROIs and further details available upon request.
Price: $2,360,155
FMV: $3,420,000

Nationwide - 102 properties
Alabama, Florida, Georgia, Illinois, Indiana,  Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, South Carolina, Tennessee, Texas. Cherry picking available (10 minimum). QC deeds
Price: $6,500 per door

Nationwide - 122 properties
Alabama, Colorado, DC, Florida, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Michigan, Minnesota, Missouri, Mississippi, North Carolina, Nebraska, New Mexico, New York, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Wisconsin, West Virginia. Cherry picking available. QC deeds
Price: $1,844,350

Midwest - 24 properties
Alabama, Indiana, Michigan, Missouri, Ohio,  Tennessee. Cherry picking available. WD deeds
Price: $14,500 per door

HANDYMAN PROPERTIES

6726 SW 19 St.
Miramar, FL 33023
3 bedroom, 1 bath CBS house. Large utility room. 1112 sq. ft. Central AC. Good roof. Tile floors. The kitchen and baths are in good condition.
Price: $75,900

6449 Flagler St.
Hollywood, FL 33023
3 bedroom, 2 bath CBS house plus Florida room. The garage was converted into the 3rd bed and 2nd bath. Good kitchen and bath. Central AC. Good area and a large corner lot.
Price: $69,900

3191 NE 11 Ave
Pompano Beach, FL 33064
3 bedroom, 1 bath CBS house. Central AC. The house has been completely renovated. New roof, electric, bath, kitchen, tile flooring and landscaping. Large corner lot. It can come with a tenant in place for $1,175 a month.
Price: $72,900

1536 NW 59 St. (Rented)
Miami, FL 33142
2 bedroom, 1 bath house. Totally renovated. Rented for $800 a month. The lease is 2 months old.
Price: $35,900

26624 SW 124 Ct.
Miami, FL 33032
3 bedroom, 2 bath CBS house. 1327 sq. ft. Good house in nice condition.
Price: $56,90

2610 NW 6 Ct.
Pompano Beach, FL 33069
3 bedroom, 1 bath CBS house with Central AC. Rented for $750 a month. Long term tenant that wants to stay. Cash flows right away.
Price: $36,900

26624 SW 124th Court
Homestead, FL 33032
Very clean, TRUE 3/2, 1 car garage. Nice Neighborhood, CBS. Central A/C. Needs Kitchen.
Price: $56,900

1771 NW 35th Way
Lauderhill, FL 33311
4 bedroom, 2 bathroom, Carport. CBS, Central A/C. Good Roof.
Price: $66,900

4330 SW 23rd Court
Fort Lauderdale, FL 33317
3 bedroom, 2 bathroom, CBS. Central A/C, Newer Roof. Kitchen and bathrooms are in good shape.
Price: $79,900

1830 NW 27th Avenue
Fort Lauderdale, FL 33311
3 bedroom, 1 bathroom, CBS. Central A/C, Good roof, carport. Has living room & Family room. Needs basic interior updating.
Price: $64,000

3121 NE 11th Avenue
Pompano Beach, FL 33064
3 bedroom, 1 bathroom, CBS (Easily Converts to a 4/2!). Good Roof! Kitchen is in good shape.
Price: $67,900

Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 40.5 percent in July 2010 compared to July 2009, from 7,197 to 10,113, and decreased less than 2.4 percent, from 10,366 to 10,113, compared to the previous month according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

Total pending home sales – including single-family and condominiums - in Miami-Dade County increased 40.5 percent in July 2010 compared to July 2009, from 7,197 to 10,113, and decreased less than 2.4 percent, from 10,366 to 10,113, compared to the previous month according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).

Despite the expiration of the tax credit, which helped boost the state of the South Florida residential real estate industry, the local market continues to strengthen.

“We are encouraged by the statistics for pending home sales in the South Florida real estate market even after the expiration of the homebuyer tax credit,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “While the number of pending sales has dropped slightly month-over-month, they are still significantly higher than they were a year ago. Furthermore, we continue to observe the strengthening of the local market in a neighborhood-specific manner, as evidenced by multiple bids on non-distressed properties in some areas.”

Pending sales of condominiums in Miami-Dade County continue to perform better than that of single-family homes. In July, condominium pending sales increased 59 percent compared to the previous year, from 3,598 to 5,720 and dropped only 2.7 percent, from 5,876, from the previous month. Pending sales of single-family homes in July increased 22 percent from the previous year, from 3,599 to 4,393, and decreased 2.2 percent from previous month, from 4,490.

Broward County Pending Sales
In Broward County pending home sales rose 25.4 percent from the previous year, from 6,242 to 7,830, and decreased 2.5 percent from the previous month, from 8,031.

Pending condominium sales in Broward also fared better than that of single-family homes. Broward County condominium sales in July increased 39.4 percent, from 3,101 to 4,323, compared to July 2009 and fell 2.4 percent, from 4,429, compared to the previous month.

Compared to July 2009, Broward pending sales of single-family homes rose 11.7 percent, from 3,141 to 3,507, and decreased 2.6 percent, from 3,602, compared to the previous month.

Strengthening Market
Home sales in South Florida have increased dramatically since August 2008, and home prices continue to stabilize. South Florida, where an estimated 60 percent of sales involve a foreign buyer, continues to be the top area in the nation for international buying activity.

“While pending sales have substantially dropped in many U.S. markets following the end of the homebuyer tax credit, South Florida sales continue to reflect demand for local real estate,” said Oliver Ruiz, 2010 Residential President of the MIAMI REALTORS. “Miami and South Florida and the lifestyle that comes along with living here, are major attractions for international, vacation, second home, and U.S. buyers. We expect the local real estate market to continue to strengthen, as consumers take advantage of the many benefits South Florida has to offer.”

A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. Increased pending sales are an indication of increased future sales.

About the Association
The MIAMI Association is the merged association for RAMB and RAMDC and retains the charter received from 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 four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide

First posted by : Lynda Fernandez, Teresa King Kinney

http://www.prweb.com/releases/MIAMI-REALTORS/Miami-Dade_home-sales/prweb4348194.htm

According to HUD, these grants will be awarded competitively to approximately 550 HUD-approved counseling agencies and state housing finance agencies across the nation that offer a variety of services, including how to avoid foreclosure, how to avoid mortgage scams,how to purchase or rent a home, how to improve credit scores, and how to qualify for a reverse mortgage.

HUD said this year’s housing counseling grant program will provide approximately $55 million for comprehensive counseling, $9.5 million for reverse mortgage counseling, and $14.5 million for supplemental funding for mortgage modification and mortgage scam assistance. In addition, the department said there will be a heightened focus on providing services in languages other than English.

“The counseling programs this funding will support are crucial in helping thousands of families avoid foreclosure and remain in their homes,” said HUD Secretary Shaun Donovan. “Every day, our HUD-approved counseling organizations help families to make more informed choices about buying or renting.”

According to HUD, national and regional agencies will distribute much of the grant funding to HUD-approved community-based housing counseling organizations that provide advice and guidance to low- and moderate-income families seeking to improve their housing conditions. HUD said these larger organizations help improve the quality of housing counseling services and enhance coordination among their counseling providers.

By: Brittany Dunn

http://www.dsnews.com/articles/hud-to-award-79-million-in-grants-housing-counselors-nationwide-2010-07-30

According to a new monthly summary report released by Fannie Mae on Friday, the GSE’s single-family serious delinquency rate dropped 15 basis points to 5.15 percent in May. That follows a decline of 17 basis points in April and 12 basis points in March.

As DSNews.com previously reported, the March reading was the first time Fannie’s delinquency rate had dropped since March 2007, when it was a mere 0.62 percent. Since that time, the GSE’s past due loans have been steadily rising, with the pace picking up considerable over the last two years – that is until now.

Fannie’s fellow government-backed mortgage financier, Freddie Mac is also enjoying a drop in delinquencies. Last week, Freddie reported that its serious delinquency rate dropped below the 4 percent threshold, to 3.96 percent as of the end of June. Freddie, too, saw its first delinquency decline in three years in March of this year.

Fannie Mae’s latest monthly report also showed that the GSE’s mortgage portfolio grew at a compound annual growth rate of 6.3 percent in June to $817.8 billion, with the addition of $19 billion in 120-plus day delinquent loans that the company bought back from mortgage-backed securities (MBS) investors.

While Fannie Mae’s repurchases of these older, souring MBS loans may represent an area of credit-loss containment for the GSE, the company’s president and CEO, Michael Williams, says new loans picked up by Fannie have been borne out of tighter underwriting standards and are expected to perform much better.

Fannie Mae has “begun to build a new book of business with some of the highest-quality loans we have ever seen,” Williams told a group of industry professionals earlier this week.

The GSE issued $40.2 billion in new MBS in June, up 11 percent from May, and added $27.6 billion in new loan purchases to its portfolio during the month.

Fannie Mae’s total book of business shrank by an annualized rate of 10.9 percent to $3.22 trillion in June.

By: Carrie Bay

http://www.dsnews.com/articles/fannie-maes-serious-delinquency-rate-falls-for-third-straight-month-2010-07-30

The California-based company says that ominous shadow inventory of distressed properties hanging over the

industry will lock home prices into a downward trajectory for the remainder of this year, with property values starting out 2011 even lower than they were in 2009.

Market trends charted by Altos show that inventory levels are indeed moving higher and the influx of shadow inventory is beginning to show in the market. The company’s VP of data analytics, Scott Sambucci, described a noticeable shift in housing supply dynamics in a Webinar earlier this week, in what he called “a sign of market weakness.”

Data provided by Altos as recently as January pointed to a steady decline in housing inventories over the previous 16 months, at both the national and local market levels. But Sambucci says that quickly changed after the first month of this year.

Since January, and particularly post-tax credit stimulus, Altos has tracked a rapid divergence in inventory numbers vs. listings sold and absorbed. This, Sambucci explained, means more inventory is coming onto the market, with less inventory leaving.

As a result, he says, we’re going to see an extreme inventory overhang going into 2011. Add to that the fact that the pool of viable buyers out there is shrinking – thanks to tight credit, a declining homeownership rate, and more and more consumers being locked out of the market after a foreclosure – and you’ve got an equation that’s right in line with Altos’ bearish outlook.

Following the rudimentary rules of supply and demand, more inventory with fewer takers equals lower prices.

Altos Research provided its assessment of the most stable housing markets…and the markets that it considers to be on shaky ground.

The San Francisco metro area topped the stable list, along with Las Vegas and Washington, D.C.

Unstable metros included Minneapolis, Denver, Chicago, and Phoenix.