Looking for people to post Article about Real Estate.

Ahoy and Thank You for reading my blog.


I am looking for original articles about Real Estate.  Residential and Commercial.  People to post regularly about their stories. 

How you do deals?  You area of expertise?  Type of Business you are in.

I prefer articles for Central Florida. 

If you want to promote your business and let people know what you you and specialize in.  The articles should also can information that people can use.

Andy Carson
Cell: 321-297-8089
APCarson@gmail.com

The ins and outs of the ‘burbs

WASHINGTON – April 27, 2011 – Almost 85 percent of the nation’s 308.7 million people live in metropolitan areas, and more than half are in ever-expanding suburban rings that encircle major cities.

A new pattern is emerging this century. Most of the growth is happening on opposite ends of the suburban expanse: in older communities closest to the city and in the newer ones that are the farthest out.

“A few decades ago, all the growth was on the edge,” says Robert Lang, an urban sociologist at the University of Nevada-Las Vegas who analyzed 2010 Census data. “Now, there are city-like suburbs doing well on one side of the metropolis while conventional suburbs still flourish on the fringe.”

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About 6 months ago I reviewed a condo in the Grand in Downtown Orlando.  The average sold price was about $60,000.  Right now its $65,000 for the same 1/1 condo.  Any condo that comes on the market there under $65,000 goes pending quickly. 

People want to live downtown.  If banks want to get rid of the condos they have to make them attractive in either price and incentives of make it perfect priced competitively. 

The most important way to move condos?
3) Give loans
2) Create a loan.  (owner Financing)  ANY property that is bank owns, IE REO, it is owned FREE & CLEAR, so they can Create a mortgage on their own property.  Out of thin air it moves from a problem property to an asset that is making a bank money.
1) CLOSE QUICKLY! 

That one is so important let me say it again.  As soon as it is under contract set a date to close the same day.  Contract signed on 23 May and at time it becomes executed then set the date right there to close on 23 of June.  It is not Rocket Science.  Leave a comment if you think the is a Tremendous idea!  Let them know what you think.  CLOSE QUICKLY!  Simple.

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the rest of the article:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259280

Housing counseling services to suffer under funding cuts

CHICAGO – April 28, 2011 – Housing agencies find themselves scrambling to determine how they will serve their communities with dwindling resources after $88 million in housing counseling funds was eliminated from the federal budget.

The cuts in funding from the U.S. Department of Housing and Urban Development, part of the legislation signed by President Barack Obama this month to avert a government shutdown, come amid a recent push by HUD to warn consumers about mortgage-relief scams.

Worries about a potential rise in such scams, as well as having to charge consumers for counseling that was once largely free, have community groups and counseling agencies calling the maneuver ill-conceived and poorly timed.

Groups such as the National Urban League and the NAACP have predicted a troubling chain of events that could include a proliferation of scam artists, an increase in preventable foreclosures and fewer resources for homeowners who may be forced back into the ranks of renters.

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There will be advantages and disadvantages if this program goes away.

Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259284

Fed signals $600B bond program to end in June

WASHINGTON (AP) – April 28, 2011 – The economy and job creation have strengthened enough for the Federal Reserve to end its $600 billion Treasury bond-buying program in June as planned, the Fed signaled Wednesday.

Ending a two-day meeting, the Fed made no changes to the program. The decision was unanimous. The bond purchases were intended to lower loan rates, encouraging spending and boost stock prices. But critics worried that the purchases would feed inflation.

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Read the artile and you decide.  Post your views here.


http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259288



 

Buyers rush to beat jumbo mortgage deadline

WASHINGTON – April 28, 2011 – More buyers in high-cost areas may be motivated to purchase a home before an Oct. 1 deadline when the government plans to scale back the size of “jumbo” mortgages it guarantees in costly real estate markets.

On Oct. 1, the maximum loan amount that Fannie Mae and Freddie Mac accept is set to decrease from $729,750 to $625,500. This might make mortgages more expensive or more difficult to get for buyers in high-cost areas, MSNBC.com reports.

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People are scrambling for these high end houses. 

I still think they will decrease in value.  They are decreasing at a higher rate than the national average. 

Since people are trying to buy them is proof that the economy is recovering and confidence is back.


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Read more at:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259292

Pending home sales rise again in March

WASHINGTON – April 28, 2011 – March saw another increase in pending home sales, with contract activity rising unevenly in six of the past nine months, according to the National Association of Realtors® (NAR).

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My views:
Yep contracts on properties are on the rise.  However, how long before they close?  It is important how many actually close.  People want to buy a home and the proof is that pending sales are increasing.

Some of the other reasons:
Rental Rates are starting to increase.
Jobs are comming back to the area.

People are trying to buy a home.  TO get the economy going and thus start the increase in property values then banks MUST let up on their THOUSANDS of restrictions.  Make it easier to close if people have the money or can get a loan.  SHORTEN the time it takes to close.

The homes that are lower priced will start to increase in sales and sales price.  However, High end homes will continue to decline.  I have basicly said this for the past year in CFRI Orange County Chapter meeting.  http://www.cfri.net/

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“The good news is that recent homebuyers are staying well within budget, leading to exceptionally low loan default rates among homebuyers over the past two years,” Yun added.

© 2011 Florida Realtors®

Read full artile here.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259296

How Long Do Short Sales Normally Take?

In the last two years, there has been an oppressive breakdown in the economy on a global scale and this breakdown has affected an unprecedented amount of people. The ongoing jobless crisis has resulted in severe credit problems, loss of homes and a constant struggle for people to regain structure and sanity in their lives.

It has become painfully obvious that in order to avoid the total collapse of the economic system, help is urgently needed to assist all who are currently faltering financially. Many homeowners suddenly found themselves in the predicament of living in homes with seriously decreased values and owing more to their lenders than what their homes were worth, or having an upside down mortgage. The most common and inevitable result of this situation is foreclosure which, if it occurs, wreaks total havoc on the unlucky recipient's financial future. This is why many real estate agencies and law firms in Orlando are partnering up to assist buyers and sellers by presenting the best solutions possible to help relieve their financial problems.

A Florida short sale is a common procedure and because of this, lenders in Florida are more open to short sale negotiations. A short sale is considered when a property falls into jeopardy of going into foreclosure. It involves the process of negotiating with lenders with the goal of getting them to agree to accept a sale price that is less than what the homeowner owes. The standard rule is the only way lenders will consider entering into a short sale is if the homeowners are in default on their mortgage payments to a point where they have ceased making payments on their homes.

Homeowners who decide on a short sale should immediately engage an experienced realtor or choose a local Orlando mortgage broker to help get things started. The process usually begins by first submitting the necessary paperwork to the lender proving financial hardship for their review. After the lender has reviewed the paperwork, they'll either schedule a Broker's Price Opinion (BPO) which is an abbreviated appraisal conducted by comparing the referenced property to other properties recently sold in that area, or they will schedule an actual appraisal.

After an estimated sale price is established, then the next step is to list the property in the Multiple Listing Service (MLS) to find an interested buyer. Once a buyer is found, the closing can begin.

Although this process has been explained briefly, the buyer and the seller must understand that dealing with short sales can be a very lengthy process. Each step involves an incredible amount of detail and discussion that can go from moving at a steady pace to coming to a grinding halt, and then having to begin all over again with an entirely new buyer because the first buyer gives up in frustration.

The short sale process between buyers and sellers will need to carefully follow the correct steps, paperwork properly filed, and legal overhead to ensure everyone at the table is on the same page.

Organizing the short sales process with a local realtor and mortgage broker will help keep the short sale process from taking over six to twelve months.

Get more information on Orlando Mortgages and Real Estate at RP Realty. If you are considering a Short Sale, buyer or seller, grab our Free Short Sale Handbook. Article Source: http://EzineArticles.com/?expert=Nicole_Martini

Article Source: http://EzineArticles.com/5715670

 

==========================

 

The process is lengthy and must be done in the correct order and everything must be just right or its back to square one.

 

Make sure whoever is doing your short sale has a track record and can show you that they have successfully negotiated with the bank and sold the property. 

WASHINGTON – April 27, 2011 – With falling home prices and higher inventories, most of the public views real estate as a “buyer’s market,” in which buyers hold more of the control and sellers will accept lower offers just to sell.

Not so fast, say buyers and sellers. More buyers are finding the sellers in the driver’s seat.

Buyer Young Hammack gave up looking for homes for a while after being outbid on three properties in California. “It’s a false buyer’s market,” Hammack says. “If you think prices are cheap, wait until you start putting offers in.”

Many sellers may be unable or unwilling to lower their home prices – mostly because they may be underwater on their mortgage – so buyers are increasingly finding lower offers than list price denied. Buyers, on the other hand, may be reluctant to agree to a deal if they don’t feel like they are getting it at a deep discount, industry insiders say.

Traditional buyers also are finding even buying a foreclosure can be difficult as they’re increasingly outbid by investors willing to pay cash.

Red More at:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259226

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People want to buy houses.  They want to buy a home.  Banks move very very sloooooooow.  Investors move fast and have cash.   Investors have been forced to learn to have patience with banks and know how to deal with the red tape that banks use as excuses. 

Force the banks to get rid of properties in stead of holding on to them.  Can the buyer move fast?  Do they have a down payment?  Can we Create a mortgage to sell this property?  Closer to the deadline the more the banks should want to sell it.

Let move these properties!

Exxon hits back at gas price anger:

NEW YORK (CNNMoney) -- In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil said Thursday that it makes relatively little money on gasoline, even as it reported a nearly $11 billion quarterly profit.


"We understand that it's simply too irresistible for many politicians in times of high oil prices and high earnings -- they feel they have to demonize our industry," said a statement from Exxon vice president Ken Cohen.

Read more at:

http://money.cnn.com/2011/04/28/news/companies/exxon_earnings/index.htm?hpt=T2

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My Random thoughts:

Profits come after ALL expenses, debt service and paying people.  That's call profit.   Profit is what you have left over.  CASH IN THE BANK or in your pocket.

Exxon vice president Ken Cohen basically said that they don't make much and matter of fact it is so small only $11,000,0000,0000 this quarter.  Now I am not math whiz and I do think there is four Quarters in a Year, even a physical Year.  SO stay with me OK? 

11,000,000,000 a Quarter
times              4 Quarters
----------------------
44,000,000,000 a Year 

Hmmmm  44Billion?

I think the entire state of Florida could live on that...AND HAVE SPARE CHANGE

NO PROFIT?  I call for an AUDIT with a wage Freeze on the upper 20% of oil company execs.  AND a full audit of their personal finances.

"demonize our industry," said a statement from Exxon vice president Ken Cohen.  Dude we are not demonizing your industry.....YOU ARE!  What you charge is FRacking INSANE!

Scott wants state-backed insurer smaller, solvent

TALLAHASSEE, Fla. (AP) – April 27, 2011 – Gov. Rick Scott says there is no plan to eliminate the state-backed Citizens Property Insurance Corp.

Scott said Tuesday the only plan he has ever had for Citizens is one he put out during his successful gubernatorial campaign last year. Scott said then he would work with the Legislature to eliminate the government-run program’s reliance on assessments and ensure that it operates on actuarially sound rates.

Read More at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259241

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I say keep the state run insurance and keep premiums low.  Force all insurers also give the state quotes showing what each covers. 

The state has not investors to worry about a payout.  Premiums could be collected and loaned out to ear additional revenue.

I dont trust the government.  I trust insurance companies less.

If an insurance company pulls out or drops people then they should be forced to give that person 3 months of free coverage so they can find new insurance and pay the downpayment.  I think its fair.

Just random thoughts.

Strategic defaulters plan ahead

WASHINGTON – April 27, 2011 – People who default on mortgages they can afford to pay are savvy about credit and tend to have better credit histories than other defaulters, new research shows.

FICO, the firm that created the widely used FICO credit score, studied credit bureau data to develop what it says is a more accurate portrait of strategic defaulters. FICO defines them as people who are underwater on their mortgage – owing more than their home is worth – and more than 90 days delinquent on payments but current on other credit lines.

Compared with other mortgage defaulters, strategic defaulters generally:

• Have higher credit scores. The majority of them have credit scores above 620, FICO’s research shows. FICO scores go up to 850.

• Use credit more judiciously. More than 35 percent of non-strategic defaulters max out their credit cards vs. less than 10 percent of strategic defaulters.

• Have not been in their home very long.

• Shop for new credit card lines before they strategically default.

“They’re getting their life in order,” says Andrew Jennings, chief analytics officer at FICO.

Lenders have traditionally used the degree of home price depreciation as a basis for predicting strategic defaults. But FICO’s research gives a more complete picture, Jennings says. The company last week announced new tools that it says will help lenders better identify strategic defaulters before they default.

Other companies, including CoreLogic, have launched similar products as the strategic defaults continue to erode home values.

Read More at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259245

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I do not agree with Strategic default.  I think it should be illegal.  Even if they are upside down.  If a person can pay their debt service then they should.  If the do a Strategic Default then the MAX Credit score should be 600 for the next 20 years no matter what they do and even if they pay everything in full and on time.   This should be a FEDERAL LAW.   It is making the economy continue to go down.  This hurts everyone.

If a person can not pay their mortgage and they can prove a hardship, I understand and we should help them.  If a person CAN pay then they should.  Thats called Being a responsible adult. 

Floridians’ consumer confidence falls for third month

GAINESVILLE, Fla. – April 27, 2011 – Consumer confidence among Floridians dropped for the third consecutive month – falling to 68 in April – as residents worried about domestic budget woes, soaring gas prices and international unrest, according to a new University of Florida (UF) survey.

Four of the index’s five components decreased, including perceptions of personal financial situations expected a year from now, which fell 11 points to 69, a record low. It’s that component’s largest single-month decline since July 1990.

Chris McCarty, director of UF’s Survey Research Center in the Bureau of Economic and Business Research, says the he first though the decrease was created by “seniors who are increasingly hearing deficit-reduction plans that include Medicare, and low-income households who at the state level are anticipating cuts to Medicaid and other programs.”

Read more at:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259249

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WHy is confidence declining?  BANKS TAKE FOREVER TO MAKE A DECISION!  If a persons lease is up in 4 months they have no idea if banks will close buy then.  Even when it is a total cash sale on a $25,000.

A Sort Sale can easily take 6 months to a year even if it is a cash sale.  The way to over come this?  Force the banks to close the sale at the closing table with HUD with transfer of the property with in 45 days from an executed contract.  That's when all parties agree.  This is more than enough time to close.  EVEN FOR ANY BANK! 

Politicians take note, banks taking long periods of time to close AFTER price has been agreed upon.  There is no reason for this.  NONE! This hurts neighborhoods, by allowing houses to sit empty and vagrant move in.  Like Child Molesters living in an empty house where kids play.  I am surprised we have not heard about this by the NEWS!  Great LEAD Stories and its not picked?  There are problems in every single city and the people YOU Represent are having problems with banks and nothing is done.  Either your not doing your job to represent the people or your collecting paychecks from the banks and the news agencies are looking the other way.  Question is: WHICH IS IT?

Make the banks get rid of their inventory.  Close with in 45 days after a signed contract.  If buyer is ready to close and banks are pushing it back or not giving a GOOD REASON and wont close then FINE THEM!  Make them pay the buyer for waiting.  Have the banks pay the city and state for having to get involved (This creates revenue).

If banks has a property on their books for over 1 year for whatever the reason then they are not really trying to get rid of it.  They are in the business of lending out money and not holding it.

Make them act responsible.

No wonder people are have no confidence in the banks.  They have no idea when the bank will close and they can move in to their home.

Andy Carson

Bargain prices help reduce glut of foreclosures

WASHINGTON – April 27, 2011 – A wave of foreclosures is forcing down home prices in most major U.S. cities. But economists and real estate agents are noticing what they call a key first step for any housing recovery: a drop in the glut of homes for sale in markets hit hardest by foreclosures.


Low prices are leading investors to snap up foreclosed homes in Detroit, Las Vegas, Miami, Phoenix and Tampa. Those cut-rate sales are reducing prices in the short run. Yet they’re also thinning the supply of homes – clearing the way for higher prices in the long run.

For some buyers, the deals are now too good to pass up. A studio apartment on the Las Vegas strip that cost $500,000 at the height of the housing boom is now selling for roughly one-third that price. Half the homes listed in the Tampa Bay area are selling for less than $100,000, not far from some of Florida’s top Gulf Coast beaches.

Such sales have helped shrink the combined supply of unsold homes in those five cities by 13 percent over the past year, according to local listing data analyzed by The Associated Press. Home prices in each of those markets are at or below 2002 levels, according to the latest reading of the Standard & Poor’s/Case Shiller 20-city home price index.

“If we were to see several consecutive months of supply getting smaller, it would point to an improving housing market,” said Celia Chen, senior director at Moody’s Analytics. “Even if it is investors buying them, they are renting them out in hopes that prices in the next several years will rise.”

Economists caution that a second wave of foreclosures, those that have been delayed by banks and backlogged courts, could throw the housing market back into turmoil. And few see home prices rebounding before the end of this year.

Home prices fell from January to February in 19 of the 20 metro markets tracked by the Case-Shiller index. At least 10 major metro areas are at their lowest point since the housing bubble burst. The index, released Tuesday, is slightly above the level reached in April 2009, the lowest point since the downturn began.

Getting rid of foreclosures and other risky properties is necessary for the market to turn around. When foreclosures and distressed properties are sold, home prices fall.

But as the supply of cheap homes shrinks, prices stabilize. Homeowners who had put off moving because they didn’t want to sell during the downturn grow confident that they can fetch a decent price. That prompts more buying and selling. Prices rise more.

Most of the current foreclosure sales involve investors: Private equity firms; foreign and out-of-state buyers seeking vacation houses; individual investors hoping to rent out or quickly sell properties for a profit.

Many are scooping up cheap homes with cash, said Andrew Duncan, a Realtor who runs a Keller Williams franchise in Tampa. In March, 35 percent of previously occupied homes sold were bought entirely in cash, according to the National Association of Realtors.

“When the bargains do hit, there’s more than one buyer looking for that bargain,” Duncan said. “Buyers are losing out left and right when they bid because it’s just so competitive.”

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More of the article taking about Miami and other places.

Link at the bottom for that info.

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“It’s like a feeding frenzy when a home goes on the market now,” said Mike Shannon, a Detroit real estate agent who specializes in foreclosures. “We’re getting a few dozen offers on some homes in a matter of days.”


The thinning supply is due, in part, to a lull in foreclosures. They’ve dropped more than 56 percent in Tampa and nearly 64 percent in Miami. In those areas, the number of homes receiving an initial foreclosure notice has plummeted.

That could change quickly. Many banks are revisiting thousands of foreclosure cases. They’ve been spurred into action by federal regulators who have ordered reviews of how foreclosures were carried out over the past two years.

The logjam has been compounded in states such as Florida, New York and New Jersey, where a judge must approve foreclosures.

There are 1.2 million foreclosures expected this year nationally, according to foreclosure tracker RealtyTrac Inc., and the decline in foreclosure filings is only temporary, said Mark Vitner, senior economist at Wells Fargo.

“The problems are still there,” Vitner said. “There are fewer early-stage delinquencies, so we are moving in the right direction. But the slowdown in foreclosures is just drawing the process out.”

Copyright © 2011 The Associated Press, Derek Kravitz and Janna Herron, AP business writers. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Read full article here

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259256




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What does this all mean?

If you are buying ElCheapo houses there are lots of people scrambling for them  They are not going down much farther.  Its call being at the bottom.

Houses $100,000 ish up to $200,000 will go down a little more.

Homes over $200,000 will continue to go down for another couple years.

Large homes over $400,000 will go down.  ONce we start having more jobs and tourists here then this houses will bottom and start to go up.

Kissimmee and Poinciana is at the bottom or may go down a little more.  It will start to go up End of this year or next year.  From my sources the parks attendance will be greater than last year.  That means more jobs and with steady income people will buy houses in these areas.


With More foreclosures the house prices may go down a touch more and that is just because of sheer numbers.  However all the systems are now in place and investors from all over are starting to buy now.  Now is the time to buy.  All the investors are in a feeding Frenzy for the El Cheapos so they are not going after houses that need little or no work in aprox $100,000 range.  Great deals with now with very little work.  You need a GREAT REALTOR Like me to help with this.  I know some great homes that are in good areas.   I also have good contacts for Brand new homes built in 2010 to present.

I do think the Condo market will go down more.  This will continue until two things happen.  one, Banks start to lend on them.  Or two,  banks or owners start to offer Owner Finanacing.  I can help with both right now.  I think condos are cheaper now than houses.  Tremendous deals are there.  Especially in Downtown Orlando.

If you own Condos in Downtown Orlando I can sell them for you. 

Marketing to the new generation

DALLAS – April 26, 2011 – Generation Y – the population segment born between 1980 and the early 2000s – is different from its predecessors, requiring real estate agents to shift their marketing approach.

Agents hoping to reach Gen Y buyers must be tech savvy, having an up-to-date Web site as well as e-mail and text messaging skills. They should not require site visitors to register, as prospects will seek out a different agent; and they must respond to e-mails and phone calls quickly because these potential buyers do not want to waste any time.

While Gen Y buyers likely will not friend them on Facebook or “like” their pages, agents must have an understanding of social media to show that they keep abreast of new technology.


http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259197

Source: Realty Times (04/21/11)

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

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Embrace Change:  The use of computers will continue to grow.  People are becoming Tech Savvy.  Want to keep Relevant and sell homes then you have to learn how to market to The New Generations.

Don’t worry!  They will get theirs!  When they are our age then they will have to learn to market to their  Kids and Grandkids.  HA HA  That is going to be fun to watch. 

Remember when:

We had to pay for electricity?   ooops that hasn't happened yet.

People watch TV on TV instead of their phones.

I remember when People talked to each other on the phone!  LMAO

Gas was $1  (&*#^&*#%# oil companies= ZERO RESPECT FOR THEM...don’t get me started  *Frakers*)

Yoda, Leader of the Jedi Council, Teacher and Wise Mentor.  ALSO TOTALLY AWESOME!

Computers were used in the home only.

You had to go to a store to play video games!

The time before Spell Check!

We paid for thing with Cash or Checks!  What can plastic buy?

Reality Show?  What’s that? 

Star Trek on TV!  Time to Bring it Back!  Where is Q when you need him/her?  Resistance is Futile!

A time Before WAl Mart?

I remember caring a Pager in my pocket to stay in touch.

Best President Ever? Regan!  Changed the World and ended the Cold War!

First Cell Phones used to be Bricks and you Paid out the WHo WHo each minute.

It used to be that Mobile Phones Could only be carried in Cars. 

Movie theaters only had TWO Screens!

Yoda Who?

E Ticket Rides!  Nuff Said!

Remember when Phones were attached to walls and you dialed them?

I can remember when there was only 3 TV channels and you were LUCKY to get that many.  You were rich if you had color TV!

I remember when we had to walk 2 miles to school each day...Uphill both ways.  In a snow storm in Daytona Beach.

Dang Whippersnappers!  They Get thars!

The Conference Board Consumer Confidence Index Increases Slightly

NEW YORK – April 26, 2011 – The Conference Board Consumer Confidence Index, which had decreased in March, improved in April. The Index now stands at 65.4 (1985=100), up from 63.8 in March. The Present Situation Index increased to 39.6 from 37.5. The Expectations Index rose to 82.6 from 81.3.

“Consumer confidence, which had declined sharply in March, posted a modest gain in April. Consumers’ short-term outlook improved slightly, suggesting that the uncertainty expressed last month is easing,” says Lynn Franco, director of The Conference Board Consumer Research Center. “Inflation expectations, which had spiked, retreated somewhat in April. Although confidence remains weak, consumers’ assessment of current conditions gained ground for the seventh straight month, a sign that the economic recovery continues.”

Consumers’ appraisal of present-day conditions, although mixed, improved in April. Those stating conditions are “good” decreased slightly to 14.8 percent from 15.0 percent. Those stating business conditions are “bad” also declined slightly to 36.4 percent from 36.6 percent. Consumers’ assessment of the labor market was more favorable than last month. Those saying jobs are “hard to get” declined to 41.8 percent from 44.4 percent, while those stating jobs are “plentiful” increased to 5.2 percent from 4.6 percent.

Consumers’ short-term outlook, which had soured in March, improved moderately in April. While those expecting business conditions to improve over the next six months declined to 18.8 percent from 20.8 percent, those anticipating business conditions to worsen decreased to 14.2 percent from 15.5 percent. Consumers were mixed about the labor market outlook for the next six months. Those expecting more jobs in the months ahead declined to 17.5 percent from 19.6 percent, while those anticipating fewer jobs declined to 19.0 percent from 20.5 percent. The proportion of consumers expecting an increase in their incomes improved to 16.7 percent from 15.2 percent.


© 2011 Florida Realtors
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More Retail/End Buyers entering the market? Yes
More investors Entering market? Check
People looking actively to buy homes?  Again Yes

People Denyed loans by banks? EVERY SINGLE DAY!  Approved one day, Banks tell them next day: We are not loaning money today so it Sucks to be you! Many Buyers have lost their deposits. 

Yet they continue to buy a homes.

So where is this:  SLIGHTLY they talk about?

Four things that holding market back.

1) Banks NOt loaning money.
2) Banks Bulling approved loans at last minute.
3) Banks take FOREVER to approve a SHORT SALE!  They should be forced to close with in 45 days of acceptance of contract on Short Sales and REOs.  If not HEAVY HEAVY PENALTIES paid to Buyers, Sellers and Government.  Local, State, and FEDERAL Governments are losing large streams of income here.
4) Banks Not selling Short Sale Properties in a timely manor SCREWS the sellers also.

Been involved in a HAFA short sale transaction? Tell us more

Been involved in a HAFA short sale transaction? Tell us more

ORLANDO, Fla. – April 26, 2011 – Have you been involved in short sale transactions involving seller incentives from the HAFA (Home Affordable Foreclosures Alternatives) program? Florida Realtors wants to learn more about your experiences with short sales and the HAFA program.

In preparation for a meeting between Realtors, U.S. Treasury Department representatives and mortgage services who handle short sales, Florida Realtors has prepared a short five-question survey. Your responses will provide invaluable insights about HAFA and the short sale process in general.
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Been involved in a HAFA short sale transaction? Tell us more
GO here for rest of artile

AND to TAKE THE SURVEY

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259185

Citizens policy holders watch premiums keep rising

CORAL SPRINGS, Fla. – April 26, 2011 – Seeking warm weather, Debbie and Mark Roman decided recently to move from Pennsylvania to South Florida, and locked into a Coral Springs ranch house for $299,999. The price was right, the pool a plus, and the four bedrooms offer plenty of space to work from home.

But as they prepared to close on the deal and began getting estimates for homeowners insurance, they were taken aback.

“When I got the first quote, I thought, ‘You’ve got to be kidding,’ ‘‘ said Debbie Roman, 43. “I never thought it would be so much.’’

Their house in York, Pa., which was larger and worth more money, cost $700 a year to insure. Now, they are going to have to spend $4,000 to $5,000.

“I can see someone getting to this point and not being able to afford the house,’’ Roman said. “If you live down here, you expect it and you know it, but for us it was quite a shock.’’

Even for those who have long lived in South Florida, the envelope harkening your insurance renewal this year may come as an unwelcome surprise, especially if your home is covered by Citizens Property Insurance Corp.

Last September, the Florida Office of Insurance Regulation approved a 10.3 percent statewide premium increase for Citizens, the state’s largest insurer, with 1.3 million policies.

The premium increase went into effect beginning in January and February, on policy renewal dates this year. It was the second increase in two years for Citizens customers, following a three-year rate freeze that ended in 2009.

Homeowners in Miami-Dade, Broward, Palm Beach and Monroe counties, who account for 45 percent of Citizens’ policies, will see increases ranging up to 11.2 percent, according to Citizens’ charts, which break down the state into geographic territories.

Citizens is limited to requesting rate hikes of 10 percent each year, based on a rate cap. The current increase in premiums statewide included additional funds to infuse cash into the Florida Hurricane Catastrophe Fund, which provides back up for private insurers as well as Citizens.

Even as homeowners are just seeing these latest premium increases, new legislation winding its way through the Florida legislature could raise that rate cap even higher if approval comes during the final weeks of the session.

A bill in the House, which would raise the annual cap to 15 percent per policy holder, could go to a floor vote as early as this week.

A bill in the Senate, which would raise the cap to 25 percent per policy holder, but no more than 20 percent per territory, is still in committee.

“Our rate need overall is more than we have been allowed to implement under law, so we continue to need more,’’ said Christine Ashburn, spokeswoman for Citizens. Because of the rate freezes in 2007, 2008 and 2009, rates have not been adequate since 2006, she said.

In fact, Citizens’ territory charts for South Florida point to “indicated rate changes,’’ or what Citizens would like to have, exceeding 100 percent increases in parts of Miami-Dade and Broward – and 184 percent in Monroe.

The rate need is driven by the concentration of exposure and the risk of loss, using storm track scenarios, Ashburn said.

“Think about the amount of risk we have in South Florida,’’ she said. “It’s significant.’’

No doubt for South Florida homeowners, the insurance premium outlook is far from bright.

“The worst is yet to come,’’ said Lee Gorodetsky, owner of L&S Insurance, an agency based in Fort Lauderdale. He expects to see rates jump 30 percent to 50 percent over the next two years.

Other insurance professionals are also concerned.

“It’s frustrating as an agent, because if 80 percent of the population has Citizens, and they complain about their rate, there’s not much you can do,’’ said Alex Virelles, owner of Diplomat Insurance, an agency based in Coral Gables.

Indeed, in certain parts of South Florida, particularly east of I-95, where private insurers generally are not writing wind policies, the options are limited.

Yet even Dolores Smerkers, who owns a three-bedroom villa in Davie, may end up with Citizens.

“I’ve been with State Farm for 33 years and they are not renewing me,’’ said Smerkers, 59, a chief financial officer for a non-profit corporation. “And I’m having difficulty shopping.’’

She paid $2,700 last year with State Farm, and may now have to pay $3,600 elsewhere when her policy renews in July.

Homeowners may also see Citizens premiums rise as the value of rebuilding their home is adjusted upward, based on an inflation factor, Ashburn said.

“Even though the real estate market has obviously been in a significant downturn, the cost to replace a home has gone up,’’ she said, citing building materials such as steel.

Copyright © 2011, The Miami Herald. Distributed by McClatchy-Tribune Information Services.


Read More at:  http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259188

-------------------------------------------------

Insurance are always raising their prices and threatening to pull out of Florida if we don't meet their demands.  I believe people feel like they are being held up by bandits.

As far as I know they are always approved to raise their rates.  WHy?  Are they really necessary?  State farm said they were pulling out right after Hurricane Charlie hit yet they are still here.  Dropping people at will.   Forcing people to upgrade their plumbing in one case I know about.

I never know what they are doing.

I could not ethically sell it.

Rep. Steve King: Nuke the IRS

Friday, 15 Apr 2011 12:04 PM

By Dan Weil

On April 15 each year, many Americans would like to eliminate the Internal Revenue Service (IRS). Rep. Steve King, R-Iowa, says it’s not such a bad idea.

“In my opinion, the IRS is one of the least essential agencies in the federal government,” he writes in The Washington Times. “If I had my way, we would shut down the non-essential IRS forever. This is why I am an advocate for legislation that does just that.”

The FairTax Act, a bill co-sponsored by King, seeks to reform the tax structure by replacing the income tax with a consumption tax, he explains.

That would “eliminate the need for the IRS because the FairTax would be administered in much the same manner as states administer state sales taxes,” King writes. “Americans would no longer have to file a return because taxes would be collected at the point of sale for a good or service.”



Read more on Newsmax.com: Rep. Steve King: Nuke the IRS
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City adopts long-term projects plan

Article published on Wednesday, April 20, 2011 By TOM GERMOND

LARGO – City commissioners voted 4-2 to approve a five-year $119.1 million capital improvements program April 19 that includes funding for several big projects.

As part of the program, city officials are proposing a rollback tax rate of 4.67 mills in fiscal year 2012. The rate would generate the same property tax revenues as last year. The current rate is 4.31 mills.

“We also have the assumption net property values will be decreasing 8 percent in our tax base,” said city budget manager Amy Davis. “If the property values come in at a higher level than that, then we will recalculate our proposed rollback millage rate.”

Though she said she supported most of the projects in the program, Commissioner Mary Black was against borrowing funds for a new Highland Recreation Center, estimated to cost $16.3 million. The debt would be repaid with local option sales tax funds. Both Black and Commissioner Curtis Holmes have spoken out about borrowing money for recreation capital projects. They voted against the capital improvements program.

If the city didn’t borrow from a financial institution and repay the debt with the sales tax, the Highland Recreation Center work would be postponed until fiscal year 2017, Davis said. That’s when the city would have the money to fund it.

City officials have said that borrowing is a good option because of economic conditions.

“Now would be a great time to lock in a low interest rate,” Finance Director Kim Adams said.

Holmes said “in the spirit of complete disclosure to the public” property taxes are not going up because property values are decreasing.

“We are planning to raise the millage,” he said. “It has not happened, but that is in the scheme of things.”

City officials say the capital improvements program is a planning tool to enable the commission and staff to maintain long-term perspective when making decisions about revenue and expenditures; the program doesn’t appropriate funds nor authorize projects.

Some of the major projects in the program include community streets, $2 million; Largo Landfill and Central Park Nature Preserve environmental cleanups, $1 million; Largo City Hall roof replacement, $1.5 million; Police Department building renovations, $2.2 million; city data center replacement, $2 million; stormwater project affecting the McKay Creek Tributary, $1.6 million.

In addition, the city has included $55.3 million in wastewater treatment projects in the program stemming from a city consent order with the Florida Department of Environmental Protection.

In other matters, city commissioners were split over a proposed ordinance that would revise election codes, and they will take up the issue again at their next meeting.

One of the provisions stipulates that the first 10 illegally placed candidate campaign signs confiscated by city staff will be available for retrieval by the candidate. Any additional illegally placed signs that are confiscated will not be available for retrieval by the candidate until after election day, and any signs not retrieved within five days after the election will be discarded by city officials.

Holmes questioned whether illegally placed signs was a problem in the last election. City Clerk Diane Bruner said the signs have been a problem over the years but “never more so than in the 2010 election.”

Code enforcement officials spent about 50 hours dealing with the signs, she said.

If it becomes too expensive for the city officials to police campaign signs, they shouldn’t do so unless there is a complaint, said Holmes, who called the measure “draconian.”

“Candidate season is only 90 days anyway,” he said.

Assistant City Attorney Mary Hale said the city has an ordinance in place that prohibits signs in the right of way and they can’t selectively enforce it.

Commissioner Woody Brown said “leaving them (campaign signs) be is not a good idea, either, because you have a candidate that’s following the rules and doing things correctly and a candidate that’s ignoring the rules. And to ignore that is just as bad.”

City officials were asked to check into other neighboring cities’ sign rules pertaining to election campaigns.

Mayor Pat Gerard was absent.
Article published on Wednesday, April 20, 2011
Copyright © Tampa Bay Newspapers: All rights reserved.

Americans shun most affordable homes as owning loses appeal

SAN DIEGO – April 25, 2011 – Residential prices have had double-digit declines in many markets in recent years, making homeownership more affordable. However, many people remain hesitant to buy. Only 64 percent of Americans surveyed deemed homeownership a safe investment in the fourth quarter of 2010, down from 70 percent in the first quarter of that year and from 83 percent in 2003.

“The magnitude of the housing crash caused permanent changes in the way some people view homeownership,” says San Diego University finance professor Michael Lea. “Even as the economy improves, there are some who will never buy a home because their confidence in real estate is gone.”

However, real estate remains relatively safe when compared to other investments. Even when the median home price tumbled 15 percent in 2008, the Standard & Poor’s 500 Index performed worse, declining 38 percent. Moreover, the National Association of Realtors notes that homeowners had a 4.8 percent jump in value if they bought in 2002 and sold their home last year – a slightly higher return on investment than the 4.2 percent average annual increase recorded over the last two decades.

The Mortgage Bankers Association expects a rebound in the job market to bolster homebuyer confidence, and experts point out that people who qualify for a mortgage would be wise to make a move now.

“There are going to be a lot of people kicking themselves a few years from now because they didn’t take advantage of the low prices and the low mortgage rates,” says First Trust Portfolios LP senior economist Robert Stein.

Source: Bloomberg (04/19/11) Howley, Kathleen M.

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

Homeowners can get low-rate loans for energy upgrades

WASHINGTON – April 25, 2011 – Many U.S. homeowners are now eligible for up to $25,000 in federally insured loans to make energy-efficient upgrades such as adding insulation, sealing ducts or replacing windows.

Consumers with good credit scores, manageable debt and some equity in their homes can get PowerSaver loans at or below market rates to finance efficiency measures that also include new HVAC systems, water heaters, solar panels and geothermal heating/cooling.

“We’re making it easier for American homeowners to save money by saving energy,” said Energy Secretary Steven Chu, noting they spend an average of $2,000 each year on utility bills.

Eighteen regional and national lenders, including Quicken, have signed on to the two-year pilot program, said Secretary of Housing and Urban Development Shaun Donovan, who joined Energy Secretary Chu on Thursday in making the announcement.

Donovan said he expects the loans will serve about 30,000 homeowners and will not only save them money on energy bills but also reduce pollution and create at least 3,000 construction jobs.

The loans are part of the Obama administration’s broader efforts to improve home energy efficiency.

In November, Vice President Biden announced a pilot program to test a new Home Energy Score, which ranks a home’s energy efficiency on a scale of 1 to 10.

Similar to the miles-per-gallon label for cars, the score will tell consumers how their homes compare with others and how much money they could save with efficiency upgrades based on an energy audit.

“The government should not be in the business of selecting which home improvement projects homeowners can finance,” says David Kreutzer, an energy expert at the Heritage Foundation, a Washington, D.C.-based research group often critical of President Obama’s environmental policies.

Kreutzer says only homeowners who could qualify for normal home-equity loans will likely meet the lending criteria, which include a credit score of at least 660.

“This looks like a program to subsidize home improvements for those who don’t need subsidies,” he says.

Steven Nadel, executive director of the private American Council for an Energy-Efficient Economy, disagrees.

“It’s a useful step,” he says of the loans, adding that the energy-retrofit market has been growing on its own but slowly. “This will help.”

Donovan said the Home Energy Score could help prove the payback for various upgrades, and the PowerSaver loans could expand demand for them that will prompt greater private investment.

The Federal Housing Administration will cover up to 90 percent of the loans’ amount in the case of default, leaving the remaining risk to the lenders.

© Copyright 2011 USA TODAY, a division of Gannett Co. Inc.

Rate on 30-year mortgage falls to 4.80%

NEW YORK – April 24, 2011 – The rate on the 30-year mortgage fell last week, staying below 5 percent. But low rates have done little to lift the struggling housing market.

Freddie Mac says the average rate on the 30-year loan declined to 4.80 percent from 4.91 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed mortgage fell to 4.02 percent from 4.13 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Mortgage rates tend to track the yield on the 10-year Treasury note, which fell earlier this week.

Sales of previously occupied homes rose slightly last month to a seasonally adjusted pace of 5.1 million homes a year, the National Association of Realtors said; but the March gains were driven by a rise in foreclosure sales to investors. Even with the increase, home sales remained below the 6-million-homes-a-year pace considered healthy by most economists.

To calculate average mortgage rates, Freddie Mac collects rates from lenders across the country on Monday through Wednesday of each week. Rates often fluctuate significantly, even within a single day.

The average rate on a five-year adjustable-rate mortgage fell to 3.61 percent from 3.78 percent. The five-year adjustable-rate loan hit 3.25 percent last month, the lowest rate on records dating back to January 2005.

The average rate on a one-year adjustable-rate loan fell to 3.16 percent from 3.25 percent. That marked the lowest level for the rate on the 1-year ARM in the last year.

The rates do not include add-on fees, known as points. One point is equal to 1 percent of the total loan amount. The average fee for the 30-year fixed loan and 15-year fixed loan in Freddie Mac’s survey was 0.7 point. The average fee for the five-year ARM and the 1-year ARM was 0.6 point.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Chase settles military mortgage suit

WASHINGTON – April 25, 2011 – J.P. Morgan Chase said Friday it will pay $27 million to settle a class-action lawsuit that accused the bank of overcharging members of the military for their mortgages and prompted a federal investigation, a congressional hearing as well as public outrage.

In the suit, Marine Corps Capt. Jonathon Rowles charged that the bank refused to lower the interest rate on his mortgage, as required under a federal law, after he was activated for duty. When Rowles refused to pay the higher rate, the bank called his home up to three times a day and threatened to foreclose, according to the suit, which was filed in July.

The Servicemembers Civil Relief Act (SCRA) prohibits lenders from charging active-duty members of the military more than 6 percent interest on their mortgages. It also prevents banks from foreclosing on their homes during service and for nine months afterward.

Under the terms of the settlement, the bank will give $12 million to the estimated 6,000 service members covered by the suit. It will also set up a $15 million fund for additional individual damages, to be disbursed by a third party. The firm said it has already issued $6 million to service members who were overcharged. A judge is slated to issue preliminary approval to the settlement in late May.

“I don’t know if you can measure what’s enough in terms of giving those families back what they’ve gone through,” said Peter Gaytan, executive director of the American Legion. “We hope this is a lesson to Chase and other lenders to put military families first.”

Over the past year, Chase and other lenders have faced a wave of allegations involving SCRA violations. Wells Fargo recently announced a $10 million settlement in a class-action suit alleging excessive fees for mortgage refinances. Saxon Mortgage Services, a division of Morgan Stanley, settled last month with Army National Guard Sgt. James Hurley, who said his home was foreclosed on while he was in Iraq.

And during a hearing before the House Veterans’ Affairs Committee early this year, Chase executives said they wrongfully foreclosed on 18 service members. The bank said it has found other potential cases since then.

“We hold ourselves accountable and responsible for these mistakes, and fixing them is just the beginning of a new way forward,” Frank Bisignano, Chase’s chief administrative officer, said Friday in a statement.

The bank quickly began making amends after the hearing. It has lowered its interest rate to 4 percent for members of the military on active duty and for a year afterward, and it expanded its loan modification program for those who have served since Sept. 11, 2001. Chase also pledged to forgive all mortgage debt for service members who were foreclosed on and created hiring and job training programs for members of the military.

The bank said Friday that Rowles would join its veterans advisory council. “I think they’ve gone above and beyond the call of duty on this,” said Richard A. Harpootlian, an attorney representing Rowles in the class-action suit.

But John Odom, a retired colonel in the Air Force who worked on the Hurley case, said that he lacked confidence that the bank will institute long-term changes, though he commended the terms of the settlement.

“They realized that the tsunami was headed right for them,” Odom said. “I do not think that to this day the mortgage servicing industry understands the SCRA and all of the protections.”

Chase still faces several challenges on Capitol Hill and from federal regulators. The Justice Department has opened an investigation into the bank, along with Saxon Mortgage. A department spokeswoman said Friday that the case is ongoing.

Meanwhile, Sen. Sheldon Whitehouse (D-R.I.) has introduced a bill that would double the criminal and civil penalties for foreclosing on active-duty service members or for other violations of the SCRA. It would also extend service members’ grace period from foreclosure from nine months to 24. Rep. Tim Walz (D-Minn.) introduced a similar proposal in the House last week. Both bills await votes in committee.

“I hope this settlement will help rectify the harm that Chase caused to military families, and I urge other lenders to own up to their mistakes,” Whitehouse said in an e-mail Friday. “But this settlement does not wipe the slate clean, and we should still take action to make sure these mistakes are not repeated.”

© Washington Post

US home sales rose in March after weak winter

WASHINGTON (AP) – April 25, 2011 – More Americans bought new homes in March, helping give the battered industry a small lift after the worst winter for sales in almost a half-century.

The Commerce Department says new-home sales rose 11 percent last month to a seasonally adjusted rate of 300,000 homes. That follows three straight monthly declines. But it remains far below the 700,000-a-year pace that economists view as healthy.

Last year was the fifth consecutive year of declines for new-home sales. Economists say it could take years before sales return to a healthy pace.

Poor sales of new homes mean fewer jobs in the construction industry. Each new home creates an average of three jobs for a year and $90,000 in taxes, according to the National Association of Home Builders.
Copyright 2011 The Associated Press.

New videos promote Florida Realtors and housing industry

ORLANDO, Fla. – April 25, 2011 – Florida Realtors® produced two videos for members to use on their websites and in marketing campaigns. One video explains in 65 seconds why a potential client needs the services of a Realtor; the second video graphically shows the Florida housing market’s impact on a local economy.

Realtors in Florida can link to the videos or, by pasting html code onto their website, embed one or both videos on their personal home page. Videos can also be used for presentations, such as chamber of commerce meetings or to service organizations.

Sticky Notes video

“Could you convince someone to hire a Realtor in just 65 seconds?” asks Florida Realtors President Patricia Fitzgerald. “Realtors know that buying or selling a home is a complicated process, and hundreds of things can go wrong along the way. But how do you quickly explain that to potential clients?”

In the “Sticky Notes” video, a man rattles off 33 tasks that buyers should complete during the home buying process. As he lists each one, the task is written onto a Post-It note that’s stuck onto the TV screen. As he talks, he seems to disappear behind a wall of Post-It notes until only his face can be seen. “You think you can remember all that?” he asks. His final line: “Write yourself just one note – call a Realtor today.”

Domino Effect video

The housing market still forms the backbone of the U.S. economy, a fact made clear in The Domino Effect video. “For years, Realtors have been trying to explain and demonstrate the positive economic impact real estate has on their community,” says Fitzgerald. “Take two minutes to play this video for the chamber of commerce or any civic group and get the discussion going on how vital the sale of homes is to your community.”

In “The Domino Effect,” one domino strikes another and another to demonstrate the economic impact of a home sale. Through their purchase, new homebuyers provide jobs community-wide for retailers in the home improvement sector, furniture sellers, affiliated businesses such as appraisers, inspectors, etc. It shows how one dollar spent on housing translates into thousands of dollars distributed throughout Florida’s communities.

Florida Realtors created the videos to give its members free tools to explain what they do as Realtors individually and what they do for the community collectively. Download the videos and find out more information on this web page at floridarealtors.org. For more information or to download the videos, go to floridarealtors.org.

For technology questions on how to access the videos, Realtors can call the Florida Realtors Tech Helpline, an included member benefit, at (407) 587-1450.

© 2011 Florida Realtors®

Causeway Square faces foreclosure on $53M loan

South Florida Business Journal - by Brian Bandell Date: Friday, April 22, 2011, 2:37pm EDT - Last Modified: Friday, April 22, 2011, 4:45pm EDT

The fifth foreclosure lawsuit against Irwin Tauber, CEO of Bay Harbor Islands-based Taubco, is also the biggest, as he could lose his Causeway Square mixed-use project.

Wells Fargo Bank filed a foreclosure lawsuit April 13 against Causeway Square and Tauber over a mortgage last modified at $53 million in 2008. It targets the center, built in 2009 at 1801 N.E. 123rd St. in North Miami – just across the causeway from Bal Harbour.

The center has 285,283 square feet of total space, with 166,747 square feet for office and retail. LA Fitness occupies the entire second floor, while the first floor has retailers and the top two floors have offices. It has a parking garage, as well.

Tauber did not return a call seeking comment. He was also named in a foreclosure lawsuit against his Biscayne Harbor Shops in Aventura and two properties in Bay Harbor Islands.

Miami attorney William McCaughan, who represents Wells Fargo in the lawsuit, did not immediately return a call seeking comment.

BB&T targets 113 acres in Wellington in foreclosure

Branch Banking & Trust Co. is looking to grab a 112.8-acre site in Wellington through foreclosure.
The bank filed a foreclosure lawsuit April 18 against Glenspur LLC; Connecticut builder Devcon Development; and managing members Roland Labonte, Chad Labonte and Richard Bellinger. A message left for Devcon CEO Roland Labonte was not immediately returned.

Glenspur bought the site, on the south side of 40th Street South on both sides of South Road, for $14.4 million in 2004 and obtained a $17.5 million mortgage from Colonial Bank. In 2009, that loan was modified at $10.7 million and cross-collateralized with loans for the Hamilton Greens project in Collier County and the Old Hammock Cove project in Flagler County. Later that year, Colonial Bank failed and its assets were turned over to BB&T.

Glenspur did not develop the site.

Fort Lauderdale attorney Eric Edison, who represents BB&T in the lawsuit, did not immediately return a call seeking comment.

Lucaya Delray has 110 homes in foreclosure

The Lucaya Delray neighborhood could lose 110 of its townhomes and villas to foreclosure.

New York investment group Stabilis Fund I filed a foreclosure lawsuit on March 23 against Delray Real Estate Partners, along with managing members Joseph A. Pare, Susan Pare, James J. Pare and Wendy Pare. It concerns three mortgages last modified for a combined $4 million in 2007 by Branch Banking & Trust Co., which later sold them to Stabilis Fund.

The Lucaya Delray neighborhood has 324 homes at the northwest corner of Linton Boulevard and South Congress Avenue. The buildings each have three or four units, and the units each have two bedrooms.

The 110 units targeted in the foreclosure are owned under the names of Joseph Pare and James Pare.

They were being managed as rentals.

Tampa attorney Mahlon Barlow, who represents Stabilis Fund in the lawsuit, declined to comment on the case.

Miami affordable housing project in foreclosure

The Barcelona Condominium affordable housing project in Miami has been hit with a foreclosure that could wipe out the city’s loan to the developer.

Coral Gables-based Gibraltar Private Bank & Trust filed a foreclosure lawsuit April 14 against

Barcelona Condo LLC, along with managing members Salomon Yuken and Rosa Yuken. The city of Miami was named because it granted a $2.1 million mortgage under the Home Investment Partnerships Program.

The building is at 2217 N.W. Seventh St.

Gibraltar’s mortgage to Barcelona Condo was last modified at $9 million in October 2008, when it was set to mature in November 2009. Since then, the developer sold 23 units for a combined $5.08 million, with the most recent sale in July. Gibraltar seeks to seize the remaining 36 units.

Fort Lauderdale attorney Anthony Carriuolo, who represents Gibraltar in the lawsuit, did not immediately respond to a request for comment.

Foreclosure sought on French learning center

Mercantil Commercebank wants to seize the headquarters of Alliance Francaise de Miami, a nonprofit French learning and cultural center.

The Coral Gables-based bank filed a foreclosure lawsuit April 5 against the nonprofit over a mortgage last modified at $3.4 million in 2007. It targets the group’s 14,320-square-foot office at 618 S.W. Eighth St.

Alliance Francaise de Miami, founded in 1969, is part of a worldwide network of educational centers that started in 1883. It offers classes in French and cultural events.

Coral Gables attorney Caridad Garrido, who represents Mercantil Commercebank in the lawsuit, declined comment.

Ocean Bank foreclosing on Doral warehouses

Ocean Bank wants to seize an industrial building in Doral.

The Miami-based bank filed a foreclosure lawsuit April 8 against East Doral Park of Commerce, along with managing members Julio Arriaga and Barry Beschel. It concerns a $2.85 million mortgage issued in 2007 – a year after the property was bought for $2.1 million.

Part of the loan was for renovation of the 27,566-square-foot facility, at 5050 N.W. 74th Ave. It was built in 1970.

In-house attorney Louis Nicholas II represents Ocean Bank. The bank declined comment.

Boynton Beach development site sold for 68% off loan

U.S. Century Bank sold the site of a stalled residential project in Boynton Beach to a Tampa developer for 68 percent less than the mortgage it foreclosed on.

The Doral-based bank seized the 3.6-acre site, at 3506 N. Federal Highway, after foreclosing on Boynton Townhomes’ $9.6 million mortgage last year. On March 31, the bank sold the property for $3.1 million to Gulfstream Gardens Phase II. Charles B. Funk, Jeffrey B. Meehan and Michael E. Gratz manage the buyer.

The previous owner sought approval to build more than 100 units, but work never began.

Jupiter shops sold for 49% off mortgage

After going through a foreclosure lawsuit and a bankruptcy filing, the Promenade Shoppes at Pine Gardens in Jupiter was sold for 49 percent less than its mortgage.

Wells Fargo Bank, representing a commercial mortgage-backed security fund, held a foreclosure judgment against Pebworth Properties based on a $6.5 million mortgage. The company filed Chapter 11 to block the foreclosure auction.

On April 13, Pebworth sold the 28,289-square-foot retail center, at 240 W. Indiantown Road, for $3.3 million to Promenade Properties of Jupiter. The buyer, which is managed by Richard J. Witham, took out a $2 million mortgage with Seacoast National Bank.

Tenants in Promenade include Atlanta Bread, Scottrade, Aspen Falls Aveda Salon & Spa and Big Apple Pizza and Pasta.

Lake Worth apartments in short sale for 55% off

A 47-unit apartment complex in Lake Worth was sold for 55 percent below its delinquent mortgage.
The buildings, at 4758 and 4763 Gulfstream Road, fell into foreclosure in August when JPMorgan Chase Bank filed a lawsuit against American Liberty for Cosmic Property based on a $3.18 million mortgage.

On April 4, American Liberty sold the property for $1.43 million to Oak Leaf Park, a company managed by Nabil Kishk. The buyer obtained a $1.4 million mortgage from Miami-based Pensam Capital Funding.

The mortgage to American Liberty was deemed satisfied.

Coral Ridge Financial Center in foreclosure

The Coral Ridge Financial Center in Fort Lauderdale could be seized by a commercial mortgage-based securities fund.

BACM 2000-2 E. Commercial Blvd LLC, representing the CMBS fund, filed a foreclosure lawsuit March 10 against Paramount Building Group, along with managing members Kevin M. Sheehan, Gerald Greenspoon, James Verrillo and Daniel Lambert. It targets the four-story, 6,727-square-foot office building at 2419 E. Commercial Blvd.

Tenants include First Southern Bank and some medical offices.

The mortgage was made for $4.1 million in 2000. According to data from CMBS analysis firm Trepp
LLC, the loan has $3.7 million outstanding and is in default because it matured.

Miami attorney Joshua Lerner, who represents BACM in the lawsuit, declined comment.

Ives Dairy Warehouses face foreclosure

A warehouse property in Aventura has been slated for foreclosure.

MLCFC 2007-8 15th Court Industrial LLC, representing a CMBS fund, filed a foreclosure lawsuit April
18 against Ives Dairy Warehouse Acquisition, along with managing members Daniel J. Schwartz and Robert Lansburgh. It targets 46,873 square feet of warehouses in two buildings at 20250 N.E. 15th Court.

Ives Dairy Warehouse bought the property for $3.9 million in 2007 and obtained a mortgage in the same amount the following year. According to data from CMBS analysis firm Trepp LLC, the mortgage has nearly $3.9 million outstanding and is more than 90 days past due.

Miami attorney Sylvia Duarte, who represents, MLCFC in the lawsuit, was not available for comment.


Read more: Causeway Square faces foreclosure on $53M loan | South Florida Business Journal

Five Elements of a Winner Squeeze Page

This month on The Investor Insights, we’re talking marketing. Part of marketing your REI properties is using squeeze pages or a page between an ad or email and your free or paid info. The squeeze page is there to capture data, so it’s really important.

And, there are five elements you should always include in a winner squeeze page.

 

1. Free – You need to give something away in exchange for your prospect’s information. Free report, free trial or free videos are good options.

2. Privacy – A statement of how you will protect your prospect’s email address and personal information protects them and you.

3. Short – Keeping the information to just the benefits, offer and essentials will keep your prospect’s attention.

4. No external links – Don’t give them a reason to go off your squeeze page. You want them to exchange information with you so you can drip info to them later or make a sale. Keep them interested.

5. Only ask essential questions – You really only need the prospect’s first name, last name and email address to get started. Keep it simple and you’ll get more conversions.

For Sale: 5BR/3+1BA Single Family House in Gotha, FL, $574,995

For Sale: 5BR/3+1BA Single Family House in Gotha, FL, $574,995

Ready Now! Welcome home! Located in neighborhood of Siena Gardens, in the desirable city of Gotha.  Our community features top rated schools and convenient access to hwy 408 and nearby shopping and dining.  This open 4 bedroom home with game room, den and a 3-car garage is one of a kind.  Great open kitchen with island is ideal for entertaining your guests.  This home has all the upgrades, including stainless steel monogram appliances, 42" cabinets, recessed lighting, granite countertops.  The master suite features a spacious double walk-in closets, oversized garden tub with jets, double sinks and large walk-in shower with vertical spa!  This one of a kind home is available for move-in right away. Builder will contribute towards CC w/TMHF mortgage & ULT title services. Prices, promotions & products are subject to change without notice or obligation.

For Sale: 4BR/4BA Single Family House in Longwood, FL, $483,779

For Sale: 4BR/4BA Single Family House in Longwood, FL, $483,779

Furnished Model Now Open! Wonderful floorplan on .72 acre in prestigious Veramonte community off of Markham Woods Corridor. Features include WOLF kitchen appliances, 12 foot ceilings, porcelain tiles, 42" wood cabinetry, granite kitchen countertops, step ceiling in living room, tray ceiling in master, side entry 3 car garage with paver driveway and tile roof. CMU insulation in block walls for extra energy efficiency. Ideal location is situated in the Lake Mary School district, accessible to Seminole/Wekiva Trail, Heathrow and Lake Mary Submarket. Veramonte is one of Heathrow's premier communities, set in the highly desirable Longwood area. This gated community offers oversized home sites to accommodate luxury homes at an incredible value. It is within minutes of great shopping and dining at Colonial Town Park and the Seminole Towne Center Mall. In addition to its superb location, Veramonte offers some of the best schools in Seminole County, including Heathrow Elementary, Markham Wood Middle and Lake Mary High. Taylor Morrison will feature several home designs to fit your lifestyle, each including well appointed luxury features.

Veramonte 321-297-8089

Included Features

Quality Interiors

• Breathtaking 9'4", 10', and 12' ceilings (per plan)

• 18" Ceramic tile flooring in foyer, kitchen, breakfast nook ,utility and all baths

• Solid surface counter tops in all baths

• Upgrade trim package with 5¼" base molding and 3½" casing

• Stain-resistant Mohawk® carpeting

• 7/16" rebond carpet pad 6 lb.

• Six panel interior doors

• Knockdown ceilings

• Tray ceilings in dining and owner’s retreat (per plan)

• Designer light fixture package

• Pre-wire for ceiling fan (4)

• Kwikset® Dorian® lever handle sets

• Double-pane, Low E insulated windows

• Rocker switches throughout

• 4 phone and 4 cable outlets

Luxurious Owner’s Retreat

• Raised gentleman height vanities in owners bath (per plan)

• Garden tub with tile skirt

• Separate shower with ceramic tile walls

• Custom shower enclosure

• Moen® Chateau® plumbing fixtures

• Private water closet with an elongated commode

• Medicine cabinet with beveled edge (per plan)

• Ceramic tile floor in wet areas and water closet

• Spacious walk-in closets with double hung ventilated shelving

• 42" vanity mirror (per plan)

• Linen closet (per plan)

• Tray ceiling in bedroom

Designer Kitchen Features

• Granite countertops with 4" backsplash and quarter round edge profile

• Stainless steel undermount sink

• 42" upper cabinets with selection of maple or cherry finish

• Ceramic tile flooring in kitchen and breakfast nook area

• Wolf® Upgraded Wall Oven

• Wolf® Gas Cooktop

• Wolf® microwave

• Wolf® stainless hood ventilation

• GE® energy efficient dishwasher with Quiet Wash

• ½ HP Insinkerator

• Moen® Camerist® faucet and sprayer

• Closet pantry in all plans with 5 shelves

• Ice maker connection

• Raised bar area (per plan)

• Recessed lighting

• Option for Sub Zero® refrigerator

Handsome Exteriors

• Paver driveway and walkways

• Sodded home site

• Decorative texture stucco exteriors 4-sides

• Covered patio/entertaining area (per plan)

• Raised band stucco trim with decorative accents per plan

• Tile roofs

• Kwikset® Dorian® handle set

• GFI weatherproof electrical outlet on front and rear of home (per plan)

• Designer landscaping package

• Automatic sprinkler system with rain sensor

• Decorative mailbox

• Wood fascia with vented aluminum soffits

• Exterior hose bibs (2), per plan

• Upgraded Sherwin Williams Loxon XP paint

• Garage door opener

• Fiberglass front doors

• Carriage lights

• Sentricon® termite baiting system

• Renewable termite repair bond

• Boracare pre-treatment for interior frame walls

• Acrylic coating on all lanai's

• Carriage style garage doors with decorative hardware

Safety, Energy, and Economy

• Taylor Morrison 1-year warranty

• Pre-construction owner’s orientation

• Pre-drywall meeting

• New home demonstration

• Builder-initiated home warranty inspections:

- 2 months after closing/11 months after closing

• Twin tankless gas water heaters

• Double-pane insulated Low-E windows with screens

• High efficiency 14 SEER air conditioning and heating system with digital thermostat

• R-13 wood frame wall

• R-30 in ceilings

• R-4.1 on block wall

• Maintenance-free continuous soffit vents and off-ridge vents

• Full Security System - all openings

• Smoke and carbon monoxide detectors

• Moen® Posi-Temp® shower valves

• Deadbolts on all exterior doors

Outstanding Community Features

• Gated entrance

• Prestigious Lake Mary/Heathrow location

• Underground Utilities

• Oversized Homesites from 1/2 acre to 1 acre

• Natural gas community