6 easy ethical slip-ups

CHICAGO – May 11, 2011 – Bruce Aydt, Realtor® Magazine columnist and real estate ethics instructor, receives hundreds of questions a year from Realtors confronting various ethical dilemmas. Here are some of the most prevalent problems he’s encountered in the past year.

1. Not revealing your state of licensure. On your website, you need to include a note disclosing the state in which you hold your real estate license. The note could say something like “Licensed in Illinois,” “Illinois Licensee” or “Illinois Broker.”

2. Blogging or tweeting without making company affiliation evident. In any real estate-related communications on Facebook, Twitter or other social media sites, you must include your company name in the posting or make it accessible via a link back to your company name (like your username’s link to a profile page). Your company name also must appear in all advertisements.

3. Failing to disclose a short sale. You have an obligation to know your MLS and state license law rules on short sales and to disclose a potential short sale when it’s required in those rules.

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Items 4-6 at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=259834

1 in 4 homes with mortgages underwater

SEATTLE – May 11, 2011 – Home values in the United States fell faster in the first quarter of 2011 than they have in any quarter since 2008, according to Zillow’s first quarter Real Estate Market Reports. The Home Value Index fell 3 percent from the fourth quarter of 2010 to the first quarter of 2011, and declined 8.2 percent year-over-year to $169,600. Home values have fallen 29.5 percent since a peak in June 2006.

About 28.4 percent of single-family homeowners with mortgages were underwater at the end of the first quarter, up from 27 percent in fourth quarter 2010. A homeowner is underwater when they owe more on their mortgage than their home is worth.

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More information including Fl at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=5&id=259846

NAR: creditworthy homebuyers need help

WASHINGTON – May 11, 2011 – The pendulum on mortgage credit has swung too far in the other direction after the recent housing downturn, says a panel of industry experts. Tighter standards are putting an unnecessary burden on creditworthy consumers, impeding the economic and housing market recoveries.

The panel addressed several thousand Realtors® gathered at a symposium, “Ensuring Mortgage Availability for Creditworthy Homebuyers,” during the Realtors 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C., this week.

“As the leading advocate for homeownership, the National Association of Realtors (NAR) believes that we cannot have a viable housing or economic recovery until creditworthy homebuyers are able to obtain mortgage financing,” said NAR President Ron Phipps. “Reforms were needed to get rid of the harmful products that led to the housing meltdown, but continuing to curtail access to affordable credit for qualified home buyers affects the entire economy.”

Panelists offered their perspectives on the current state of the industry and identified challenges.

David H. Stevens – former assistant secretary of the U.S. Department of Housing and Urban Development, former Federal Housing Administration commissioner and incoming president and chief executive officer for the Mortgage Bankers Association of America – told attendees the entire financial industry made bad decisions regarding risky loan products, and there is no doubt that reforms are needed to get back to a level of sustainable access where qualified consumers are able to achieve homeownership.

According to the 2011 NAR Member Profile, 34 percent of Realtors say that the most important factor in limiting their clients’ ability to buy a home was difficulty in obtaining a mortgage.



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Lend More at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=259862

Listing data not from MLS has more errors

NEW YORK – May 11, 2011 – Listing data that doesn’t come directly from multiple listing service (MLS) data is more likely to have inaccurate price and status information, according to research by Trulia.


Trulia found that third-party syndicators of listing data that didn’t come directly from an MLS posted a 21.3 percent error rate regarding the listing’s price or status. Trulia says the problem is that real estate professionals submit the data to these syndication sites but often fail to return to the site to update the listing when information changes, which causes a “significant increase of disparate data sources resulting in less accurate data online,” according to Trulia.


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More Data at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=259850

Mortgage fraud reaches record high

MIAMI – May 11, 2011 – Scammers are changing their schemes to take advantage of a distressed real estate market. Reports of mortgage fraud in 2010 reached the highest level on record, the Treasury Department reports.

Suspected mortgage fraud activity increased nearly 5 percent to 70,472 “suspicious activity reports,” according to the Financial Crimes Enforcement Network. That’s up from 67,507 in 2009 – and a dramatic increase compared to 37,000 mortgage fraud reports in 2006 during the housing boom. The agency estimates more than $1.5 billion in losses from mortgage fraud in 2010.

Mortgage fraud reports include everything from borrowers falsifying information on loan documents, fraudulent appraisals, to elaborate schemes that target homeowners underwater on their mortgage.
Reports of suspected mortgage fraud have continued to rise since the housing boom.

However, while the number of reports of mortgage fraud continues to rise, the number of new fraud cases has actually decreased, the LexisNexis Mortgage Asset Research Institute reports. Mortgage fraud cases dropped 41 percent between 2009 and 2010, the biggest drop since the institute began to track reports. The drop was attributed to a decrease in home loans from banks tightening lending standards.

“We’ve got lower originations, less loan volume, less attention being paid to in terms of what’s happening to those loans and tighter credit scrutiny,” says Denise James, who co-authored the report.
Where fraud is the most prevalent

The states with the highest incidence of mortgage fraud are:

1. Florida (which also led the nation in 2009)

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There is no reason to commit fraud.  Be honest.   Dont even try to work in grey areas.  If a mortgage person want a buyer to work a gray area then that buyer should RUN!   Its not worth it.

See the other citties

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=259858

Lenders now own 872,000 homes

WASHINGTON – May 24, 2011 – U.S. banks and money lenders now own 872,000 homes, a number that could more than double in the coming years, real estate research firm RealtyTrac said.

The current number of properties owned by banks and lenders is nearly double what they owned in 2007, before the housing market began to collapse, The New York Times reported Monday.

Lenders frequently sell homes at a substantial discount and economists expect it will take three years for lenders to sell the properties they have taken over.

That means for the next three years at least, the sale of so-called distressed homes will continue to slow a recovery in the housing market.

“It remains a heavy weight on the banking system. Housing prices are falling, and they are going to fall some more,” said Mark Zandi, chief economist of Moody’s Analytics.

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Thats alot of homes.    VACANT!  

Reason?  Most Banks are very slow to Sell to CA$H Buyers.  Especially for short sales.


Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=260334

More paying zero taxes

TAMPA, Fla. – May 24, 2011 – Florida’s turbulent housing market has had an unintended consequence: Thousands of homeowners don’t pay a dollar in property tax.

No, this isn’t a real estate scam. Blame higher homestead exemptions and falling home prices that essentially removed houses from the tax rolls.

“It’s a basic fundamental in American society and tax policy that everybody should pay something,” said Warren Weathers, chief deputy for the Hillsborough County property appraiser’s office. “Some of these (exemptions) were created for people who barely have anything, and that’s not bad. But there are people ... that have the ability to pay that don’t pay some of their fair share.”

It couldn’t have come at a worse time for budget-conscious municipalities. The exemptions cost the county millions in property tax revenue, and that’s on top of millions lost because of falling values. Hillsborough County saw property taxes owed go from $1.9 billion in 2008 to $1.7 billion in 2009 to $1.5 billion in 2010.

For many of those with tax bills of zero, their properties are valued less by county property appraisers than their qualified homestead exemption, usually $25,000. For properties worth more, a $50,000 exemption brings the tax bill down to almost nothing.

In Hillsborough, more than 7,000 homeowners didn’t pay property taxes last year, according to data from the property appraiser’s office. That’s up from 4,920 in 2008.

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Yea theres more at


http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=260338

New-home sales up, but pace remains sluggish

WASHINGTON (AP) – May 24, 2011 – More Americans bought new homes for a second straight month in April, a hopeful sign. Still, sales remain far below the pace that would represent a healthy housing market.

New-home sales rose 7.3 percent last month to a seasonally adjusted annual rate of 323,000 homes, the Commerce Department said Tuesday. A normal housing market would mean a pace of about 700,000 new-home sales a month.

People have little incentive to buy new homes, in part because they’re comparatively expensive. The median price of a new home rose more than 2 percent from March to $217,900. New-home prices are more than 30 percent higher the median price of re-sales – twice the normal markup.

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More at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=260342

NAR Call for Action: No 20% downpayment rule

WASHINGTON – May 19, 2011 – Could all buyers afford a 20 percent downpayment?

The National Association of Realtors® asks members to imagine what the real estate market would look like if every buyer needed a 20 percent downpayment to get a mortgage. How many potential buyers would miss out on the American Dream? And what would that do to a market already saturated with repossessed homes?

According to NAR, that 20 percent requirement is a very real possibility if the new regulations governing Qualified Residential Mortgages (QRM) take effect this year.

NAR says that Congress must understand the impact this rule will have on home sales, and it is asking all members to contact their personal senator and representative. The Call for Action email developed by NAR asks lawmakers to tell regulators that a 20 percent downpayment was not their legislative intent. Instead, regulators should implement a more reasonable Qualified Residential Mortgage (QRM) that will keep creditworthy buyers in the market and able to get a loan.

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This is important.  What are your thoughts.

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http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260130

Florida’s existing home, condo sales rise in April 2011

ORLANDO, Fla. – May 19, 2011 – Florida’s existing home and existing condo sales rose in April, according to the latest housing data released by Florida Realtors®. Existing home sales increased 2 percent last month with a total of 17,192 homes sold statewide compared to 16,781 homes sold in April 2010, according to Florida Realtors. Statewide sales of existing condos last month rose 17 percent compared to the year-ago sales figure.

Twelve of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in April; 14 MSAs also had higher condo sales. It’s the fifth consecutive month that Florida Realtors has reported higher year-over-year existing home and existing condo sales statewide.

“Market conditions remain optimal for qualified buyers with strong credit,” said 2011 Florida Realtors® President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “Mortgage interest rates are under five percent, a range of housing options is available at very affordable prices, and the economic recovery continues to strengthen. Realtors across the state are reporting increased interest from buyers ready to find their Florida dream home.”

Florida’s median sales price for existing homes last month was $131,700; a year ago, it was $140,300 for a 6 percent decrease. However, April’s statewide existing home median price was 4.3 percent higher than it was in March. Analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less.

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Read more....Good stuff

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260134

Uncover best investments with the right data

NEW YORK – May 20, 2011 – Supplying key housing data based on ZIP code – instead of an entire geographic area – can give investor clients greater insight into short-term and long-term appreciation potential of a property and help them make more informed decisions, experts say.

Here are three key pieces of data that real estate professionals can provide to help uncover homes with the greatest probability for appreciation:

▪ Home valuations: Home valuations by ZIP code compared with the foreclosure inventory for that same ZIP code can offer insight into the health of the area’s housing market.

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Read more

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=260192

Mortgage forms to get more consumer-friendly

WASHINGTON – May 23, 2011 – Borrowers may soon have an easier time sorting out all of those key details and expenses associated with their mortgage as well as more easily compare loan terms when trying to shop around for a mortgage that works best for them.

The Consumer Financial Protection Bureau recently unveiled its “Know Before You Owe” project and is seeking public feedback on two “consumer-friendly” prototype mortgage disclosure forms that will replace the current required disclosure forms by July 2012.

The prototype forms itemize key costs associated with the mortgage, including total closing costs, monthly payments and projected monthly payments for future years. The forms also provide more details about the mortgage’s terms than the current form does.


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My View?  THey need to speed up the process.  Banks need to make a decision and stick to it.  WHen Selling or Lending.


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Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=260284

Census: Housing top reason to relocate

WASHINGTON – May 23, 2011 – Among those who moved between 2009 and 2010, more than four out of 10 (16.4 million or 43.7 percent) did so for housing-related reasons, such as the desire to live in a new or better home or apartment, according to data from the U.S. Census Bureau’s “Geographical Mobility: 2010.”

Among other reasons for moving, people cited family concerns (30.3 percent), such as a change in marital status, employment needs (16.4 percent) and other factors (9.5 percent).

In 2010, 37.5 million people 1 year and older changed residences in the U.S. within the past year. At 12.5 percent in 2010, the mover rate was not statistically different from 2009.

“Mover rates differ by characteristics, such as age, race, Hispanic origin, marital status, income or even whether the housing unit is owned or rented,” said David Ihrke, survey statistician in the Census Bureau’s Social, Economic and Housing Statistics Division. “Tracking mobility allows us to examine shifts in demographic trends in the population for the nation, regions and metro areas as a whole.”

In 2010, 69.3 percent of all movers stayed within the same county, 16.7 percent moved to a different county in the same state, 11.5 percent moved to a different state, and 2.5 percent moved from abroad to the U.S.

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Read More at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260288

Top 10 real estate web sites

CHICAGO – April 21, 2011 – Which real estate web sites are fielding the most traffic on the web? Experian Hitwise recently released data showing which real estate sites get the biggest market share in visitors.

Here are the top 10 most visited real estate web sites for March 2011:

1. Realtor.com
2. Yahoo! Real Estate
3. Zillow.com
4. Trulia.com
5. Rent.com
6. Homes.com
7. MSN Real Estate
8. AOL Real Estate
9. ZipRealty  
10. Apartment Guide

Source: “Top 10 Real Estate Web Sites for March 2011,” Marketing Charts (April 20, 2011)

© Copyright 2011 INFORMATION, INC. Bethesda, MD (301) 215-4688
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Some web sites I, Andy Carson, uses:

MrDowntownOrlando.com  (Real Estate News)
Postlets.com  (Marketing/Selling Property)
AndyCarsonLaughs.com (Search MLS)

Google.com  (Your County) Property Appraiser --- Its public records
OCPAFL.org  (Orange County)
Rentometer.com  (Check Rents in an area)

City-Data.com
Zillow.com
HUD.gov

CFRI.net  (Central Florida Realty Investors) One of the best Investor Associations of ALL TIME!
VA.gov
occompt.com Orange County Comptroller

ocpafl.org  Orange County Property Appraisers Florida
buildinggreen.com
sunbiz.org

myfloridalicense.com  DBPR Department of Business & Professional Regulations
donotcall.gov  Do Not Call   Good luck.  Not friendly to businesses.  AND we can only search limitedly
entrustfl.com    IRAs  Individual Retirement Accounts  Lets you control your retirement.  You can lend YOUR money to people like me to buy Real Estate and charge interest.  So you can charge me 6% or more which is more than you can get with a savings account.
hud.gov


Others

Facebook.com    Mine is facebook.com/AndyCarsonLaughs

Freddie Mac rolls out summer promotion

MCLEAN, Va. – May 18, 2011 – HomeSteps, the real estate sales unit of Freddie Mac, launched a nationwide sales promotion for its inventory of foreclosed homes.

The HomeSteps Summer Sales Promotion offers up to 3.5 percent for the buyer’s closing costs and a $1,200 selling agent bonus for initial offers received May 16 – July 31, 2011, and escrows that are closed on or before Sept. 30, 2011. This offer is valid only on HomeSteps homes sold to owner-occupant buyers.

A two-year Home Protect limited home warranty that covers electrical, plumbing, air conditioning, heating and other major systems and appliances is offered on some eligible HomeSteps homes. Home Protect also provides discounts of up to 30 percent on the purchase of appliances, though terms, conditions and limitations apply and not all homes or borrowers will qualify.

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Home warrenties can be a big selling tools for buyer.  If they buyer gets a home warranty from one seller and the other house they are looking at does not have one.   A home warranty Brings a peace of mind to the buyer and they are more likely to buy. 

I know of some good Home Warranty companies.  Feel Free to contact me!

Read more and find out what site has more information.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=260070

Scott signs property insurance re-write

TALLAHASSEE, Fla. – May 18, 2011 – A sweeping measure aimed at reducing costs to property insurers and liability for taxpayers was signed into law Tuesday by Gov. Rick Scott, who said it was a significant first step in restoring the private insurance market in Florida.

Equally important, Scott said the measure (SB 408) will help lower the number of Florida coastal residents now insured by the state-backed Citizens Property Insurance Corp., the state’s largest property insurer with 1.3 million policies, by making it easier for private companies to compete.

“We’ve got to recruit other companies, other insurance companies,” Scott said Tuesday in an interview with the News Service. “We’ve got to make sure Citizens goes back to being the insurance company of last resort.”

Among its changes, the bill allows insurance companies to charge more for policies that pay replacement costs upfront while offering discounts to policyholders who opt to get reimbursed for lost items as they are replaced.

A major provision places more restrictions on sinkhole coverage. The law makes it easier for insurers to challenge claims and shortens to two years the window in which policyholders can file claims.


Much more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260074

Mortgage debt falls at record clip in U. S.

WASHGINGTON – May 16, 2011 – Americans are reducing mortgage payments at a record clip, directing cash that once went for debt into consumer spending and savings.
Low interest rates, defaults and refinancings have shaved more than $100 billion off the nation’s annual mortgage bill, an amount comparable to all unemployment benefits for one year or this year’s Social Security payroll tax cut.

“This is a form of economic stimulus that goes to Main Street rather than Wall Street,” says Nicholas Carroll, a journalist on consumer finance and author of Walk Away From Debt for a Better Future. When freed from a mortgage payment, people’s first purchases tend to be necessities, such as socks and underwear, he says.

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Read all about it at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=5&id=259972

Economy, affordability to drive home sales growth

WASHINGTON – May 16, 2011 – Home sales are on track to outperform last year, even though the market doesn’t have the benefit of the homebuyer tax credit, NAR Chief Economist Lawrence Yun told a packed room on Thursday during the Residential Economic Update at the 2011 Realtors® Midyear Legislative Meetings.

Yun credits sustained economic growth, the slowly recovering jobs picture and historically high affordability conditions. Although unemployment remains high at about 9 percent, the country is seeing steady job growth. More than 100,000 jobs are being created a month, and the U.S. could see 1.5 million net new jobs this year, Yun said.

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There are jobs coming to Cenral Florida.

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=259981

In tougher new mortgage reality, preparation is key

WASHINGTON – May 16, 2011 – All you needed was a pulse. In the not-so-distant past, that’s practically all it took to qualify for a mortgage. Now an exhaustive array of paperwork awaits potential borrowers.

Call it the new mortgage reality. Lenders that got burned when the housing market collapsed are taking extra steps to protect themselves and are requiring more financial documents than ever.

But these tougher requirements don’t mean getting a mortgage has to be too stressful, as long as you’re prepared.

Here are five ways to cut down on the hassles and help you anticipate the records you may need:

1. Start by requesting your free................


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Find out the rest at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=2&id=259985

Build an action plan – how to attract global buyers

NEW YORK – May 17, 2011 – Real estate agents who want to attract global buyers need only consider ethnic immigrant communities and foreign residents with extended visas. To reach out to multicultural buyers, they must determine which groups live in their market and educate themselves about the culture, traditions and value systems of those groups.

Agents can provide educational materials, such as homebuyer seminars or information about the workings of the U.S. real estate market. With advertising, they should determine which foreign-language television and radio channels provide the most return on investment; submit articles on buying and selling or the local market to foreign-language newspapers; and take care not to offend multicultural buyers with the use of certain colors in their printed marketing materials.

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Find out how to attract buyers of another country

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=1&id=260014

Construction of new homes dropped in April

WASHINGTON – May 17, 2011 – Construction of new homes dropped in April, another troubling sign for the battered housing market.

Builders broke ground on 10.6 percent fewer new homes last month from the previous month. The seasonally adjusted rate fell to 523,000 homes per year, the Commerce Department said Tuesday. That’s down nearly 25 percent from one year ago and less than half the 1.2 million homes per year that economists consider a sign of a healthy market.

Tighter lending standards and high unemployment are weighing on the housing sector, which is in the midst of one of its worst years in history.

Builders are also struggling to compete with millions of foreclosures, which are forcing down prices for previously occupied homes. The median price of a new home was about 34 percent higher in March than the median price for a resale. That’s more than twice the markup in healthy housing markets.

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Read More

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=5&id=260018

Bondi: Don’t cut homeowners’ mortgage principal

TALLAHASSEE, Fla. – May 17, 2011 – The Attorney General of Florida, a state where almost half of all mortgaged homes are underwater – opposes efforts that would force the nation’s five largest mortgage servicers to reduce the principal on loans owed by struggling U.S. homeowners.

Attorneys general in all 50 states are part of a group now negotiating a settlement with the five lenders, which are accused of falsifying and otherwise mishandling loan documents and mortgage modifications. Florida Attorney General Pam Bondi is one of seven members of the group who oppose a key negotiating point: Cut the mortgage principal for qualified homeowners.

For example, a delinquent homeowner who owes Bank of America $200,000 on a house now worth $100,000 could find the mortgage’s principal amount reduced by an as-yet-undetermined amount through the general proposal under discussion – an appealing proposal for the 2 million Floridians with such “underwater” loans.

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Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=4&id=260022

Secondary markets give commercial a boost

MINNEAPOLIS – May 17, 2011 – The commercial market’s rebound is starting to extend beyond just coastal regions and into secondary markets as credit availability continues to improve, Bloomberg News reports.

Minneapolis, Dallas and Denver have posted some of the largest gains in sales by dollar volume among major metro areas outside the coasts in the first quarter, reports CoStar Group Inc.

In Minneapolis, sales rose 127 percent from a year earlier. In Dallas, sales rose 108 percent and 89 percent in Denver. For the country, sales in commercial property increased 47 percent.

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Money is out there is the deal is right.  People are buying Commercial deals.

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Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?p=3&id=260026

As vacation rentals gain popularity, online sites increase listings

ORLANDO, Fla. – May 9, 2011 – Vacation rentals, once an ugly duckling of the travel industry, are getting their turn at the spotlight.

With more vacationers considering rental homes, investors are pouring money into online portals that match homeowners with travelers struck with hotel fatigue.




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Read more
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259725

Hurricane storm surge threatens Fla. cities

Hurricane storm surge threatens Fla. cities


SANTA ANA, Calif. – May 3, 2011 – CoreLogic released a report today detailing potential exposure to storm surge property damage in 10 major U.S. city areas. The 2011 CoreLogic Storm Surge Report finds that many properties located outside FEMA flood zones are at risk for storm surge damage.

In a hurricane, high winds and low pressure cause water to build up inside the storm. When the hurricane passes onto land, water rushes in, and can do significant damage beyond that caused by high winds and rain. The study identified three Florida city areas in which storm surge is a major threat: Miami-Dade, Jacksonville and Tampa.

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The study looked at hurricane probabilities, geographic features offshore, population density and population. Projected exposure to storm surge damage for the 10 geographies is:




• Long Island, N.Y. - $99 billion

• Miami-Dade, Fla. - $44.9 billion

• Virginia Beach, Va. - $44.6 billion

• New Orleans, La. - $39 billion

• Tampa, Fla. - $27 billion

• Houston, Texas - $20 billion

• Jacksonville, Fla. - $19.6 billion

• Charleston, S.C. - $17.7 billion

• Corpus Christi, Texas - $4.7 billion

• Mobile, Ala. - $3 billion



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My Views
I am Sure that FEMA is doing the best they can......NOT.  

Everything comes in cycles.  Weather also comes in Cycles.  Last year we were at the very low point in the Solar 11 year cycle. 

I predicted in 2009 that the summer of 2010 would be very low chance of storms.  I predicted only tropical storms and maybe Cat 1 max 2.  I told people this.  This was a long time before my blog.

At the end of 2010, My prediction for summer of 2011?  Rainy Sunny and cooler than normal summer.  Very Few storms.  Only Tropical Storms and maybe a few Category 1.  Tops cat 2.  It will be a cool summer and it may be in the 90s. Most likely it will be in the 80s.  I think the nights will be in the 70s.

The main thing will be rain.  This summer till next one.  Lots of rain.  Not allot of big heavy storms just rain.  It will rain heavily and longer normal.  This will lead to flooding.  People have already seen this.  I do believe it will get worse. 

All this will happen again.  So the question is,  How do we prevent this in the future?  Create more low points like canals and NO BUILDING in them.  Those canals does not mean they ware obvious canals we can make them look like its part of the natural landscape.  The dirt from those areas to build up land higher in other areas and build houses on those hilly areas.  Some areas are already built.  Then we have to create areas for water to run off to so the water goes into the canals.

Insurance companies would be wise to invest in to help creating this built up areas or areas that are lowered.  It will be cheaper for them in the long run.

My early predictions for 2012.  Rain again.  Few storms Up to cat 2s.  It will be warmer.  During the day it will warm up faster and temps will be in the 90s-100s.  At night the temp will drop quickly.  the difference between the high and the nightly low will be higher than normal.  It will be possible for temps to be in the 100s and lows to be in 70s.  For the whole 2012 thing? Not a major thing in 2012.

2013? Increase in Earthquakes, Volcano's and Hurricanes.  Warm winter.  IF we have a winter at all.  I expect the winter of 2012/2013 to be very warm.  It may not snow at all.  Don't make plans to go skiing.  UNLESS that resort already has equipment to create snow.  That will melt quickly.  Summer 2013 will come early and it will be HOT!  Florida will be in the 100s early and I think that we will have a stormy summer.  

These are just my random thoughts.  We will see.  Let me know what you think and refer back to this article after the summer and in 2012 and 2013.  Lets see how accurate I am months in advance and years ahead of my time.

NOW Back to FEMA, They are trying to scare people.  Pure and simple.  When the jump around saying the sky is falling like they did last year and this one saying the storms are coming and say nothing about flooding makes them lose credibility.  If a group tell you that they area expecting heavy storms and none come why should we listen to them?

What causes Hurricanes?  Basically when the oceans waters are warm or hot then we get Hurricanes.  The Hotter the ocean water the Higher category hurricanes we live through.  Low Temps means low Storm levels.  Go put your toes in the ocean and gage if it is cooler or warmer than last year.  I bet its cooler.

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read more of the original article at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259460



Read the article and let people know what you think

Homebuyers shun ‘fixer-uppers’

NEW YORK – May 3, 2011 – About 87 percent of first-time homebuyers prefer a move-in ready property, according to a Coldwell Banker survey, which has real estate agents encouraging sellers to spruce up their homes before putting them on the market.

“It seems buyers will pay a premium, engage in a bidding war and even overpay just to avoid buying a ‘project’ house,” explains Beth Freed of Ridgewood, N.J.-based Terrie O’Connor Realtors.

Sellers who take the time to make cosmetic repairs, eliminate clutter, and address maintenance and safety issues will sell their homes faster and for more money. Removing excess furniture, clearing the floors and depersonalizing the space will make rooms look larger and help buyers imagine themselves living there.

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Buyers who are planning on living in the homewill only buy houses if there is minimal fix up.  Most buyers simply do not have the skills to do major rehabs on a house.  Nor the Patience. 


Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259451

Fla. files lawsuits for foreclosure rescue fraud

TALLAHASSEE, Fla. – May 3, 2011 – Florida Attorney General Pam Bondi’s office filed a lawsuit on Friday against three South Florida companies that allegedly charged upfront fees for loan modification services to homeowners facing foreclosure. Charging upfront fees is illegal under Florida Statute 501.1377.

The three companies are: Home Owner Protection Economics Inc., DC Financial Group, and Deleverage America Inc. The company’s owners, Dennis Fischer and Christopher S. Godfrey, purportedly collected thousands of dollars monthly in upfront fees for loan modification services they never provided.

As a result of the lawsuit filed by the Attorney General’s Office, the Palm Beach County Circuit Court ordered the defendants’ assets frozen and has forbidden them from operating until further order of the court.

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Upfront Fees are not cool.  Why? Who knows what the bank will do or even IF they will do the short sale.  Banks are Wild Cards and no one including the banks can predict what they will do. 

GO Flordia Attorney General’s Office!  YOU ROCK!
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Read More

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259456

Homeownership rates continue to decline in first quarter

WASHINGTON – May 3, 2011 – The U.S. homeownership rate fell to 66.4 percent in the first quarter, down from 67.1 percent a year ago, reports the Census Bureau.

The current rate is the lowest since the end of 1998 and off from a pace of 69.2 percent during the housing boom.

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Random thoughts:

It will continue to decline.  To stop this the banks must speed up how fast they sell houses.  People do not want to wait 6 months for a short sale to close.  Also investors will buy a fixer upper then fix it then sell it.  Banks can not do this efficiently.  Local investors can.  The longer politicians allow banks to get their way the longer this recession will last.

Once investors are able to fix them they will sell the houses.  If you are looking for a house to move in and have some money to put down I can help you.  I am an investor and a realtor.  I can also do owner financing for people to own their home.

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READ MORE AT
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259464

Homebuyers shun ‘fixer-uppers’

NEW YORK – May 3, 2011 – About 87 percent of first-time homebuyers prefer a move-in ready property, according to a Coldwell Banker survey, which has real estate agents encouraging sellers to spruce up their homes before putting them on the market.

“It seems buyers will pay a premium, engage in a bidding war and even overpay just to avoid buying a ‘project’ house,” explains Beth Freed of Ridgewood, N.J.-based Terrie O’Connor Realtors.

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Why would a person who is NOT in construction buy a house they have to fix up.  They want a move in Ready Home.  People want a HOME!

Investors? Give them a big discount and sell it to them cheap and a fixer upper and they are happy to take a house off the owners hands.  Even the banks hands.  It is very difficult for an investor to deal with the banks.  They need to get in house cheap.  The investor will take that problem house off the banks records for the right price and if it is done in a timely manor.  They will revitalize a neighborhood and create homes.  That's what they are good at. 

The end buyers want a home.  Someplace they can move into today.  Not 3 or 6 months after they close paying a Mortgage and Rent and fix ups.  
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http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259451

Title Search 101 for Investors - Part 2

This is a continuation of the Title Search 101 for Investors series.  If you have not read Part 1 of this title search , just refer to the link so that you can better follow along.

The number two oddity in title searching is that most people whether buyers, sellers, investors, Realtors®, lenders, and appraisers think of a particular property by its street address or tax parcel number.  In the title industry street addresses and tax parcel numbers are for the most part irrelevant.  A title searcher is only concerned with a "legal description."  A typical legal description would be something along the lines of Lot 5, Block 27, Happy Acres Subdivision, as recorded in Plat Book 22, Pages 31 through 35, of the public records of Sunshine County, Florida. Now that's a mouthful.  The difference between a street address and a legal description is that a street address is an arbitrary number and name typically assigned by the post office or city hall.  That address is subject to change for instance if a building gets bulldozed or a piece of acreage gets subdivided.  A legal description on the other hand has defined boundaries.  You can find a subdivision plat map filed at the courthouse and determine the exact lot dimensions and corner markers of any lot shown on it.  There are not boundary line disputes with a legal description.  The boundaries are what they are. But there could very well be a dispute if all you had were the street address or tax parcel number.  After all was the fence actually placed along the boundary line or is it a few inches or feet off?  The legal description of any given property will be either (1) determined by the deed on record at the courthouse, or (2) on parcels to be developed or subdivided determined by a licensed surveyor. Below is an example of a recorded plat map.



If you keep these two points in mind (1) the title search starts from today and works backwards through time and (2) you use the legal description and not the address, then you are half way there.  So how do you get started with your title search?  The simplest way is to go online to the county property appraiser's website and see who they claim is the current owner of the property. (For your convenience on our Sand Dollar Realty Group website www.SDRhouses.com, we do have an extensive "Helpful Links" page that has references to all of the property appraiser, recorder, and courthouse search sites in Central Florida.)

Unless the owner of a property bought it prior to the 1970's to early 1980's, the property appraiser site will typically reference the book and page number stamped on the deed when they bought it. This book and page is the official records' reference number for where you can find an actual copy of the deed.  The deed you are looking for will have the abbreviation WD (warranty deed) or SWD (special warranty deed) and you want the sales price listed on the appraiser's site for this deed to be a legitimate price (not $100).  There are many other types of deeds including PRD (personal representative or probate deed), CT (certificate of title for a foreclosure auction), and QCD (quit-claim deed).  But you want to find the most recent deed with either a WD or SWD abbreviation that has a legitimate price on it.  This deed will almost always have been prepared by a title company as part of a normal arm's length closing where the buyer was provided title insurance.  This deed is where your quickie title search begins.

In the next articles, I will share with you the secondary steps you must take to evaluate various deeds in the "chain of title" as well as mortgages, liens, and foreclosure cases.  Stay tuned ...    


Rob Arnold - Your full service and investor friendly Realtor ® in Orlando and Central Florida.
407-389-7318 / 1-877-389-7318 www.SDRhouses.com   www.WeBuyHousesFlorida.com
Our firm also provides flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Florida including Orlando, Altamonte Springs, Longwood, Apopka, Kissimmee, Clermont, Casselberry, Sanford, Lake Mary, and Deltona.

We sell foreclosure, short sale, and bank owned REO house home throughout Central Florida and metro Orlando. Sign up for our free email list of foreclosure and great Orlando house deals.

Title Search 101 for Investors - Part 1

Many people do not know that in a prior life before I was a full-time investor and real estate broker, that I spent 9 years examining real property titles.  I researched titles for thousands of homes and condos in Central Florida and eventually graduated into commercial title examination by researching the titles for the Orlando Naval Training Center (now known as the community of Baldwin Park) and about every hotel on International Drive that you can imagine.  This gave me a strong background on what title problems to look for as well as how to creatively solve them.  Prior to the huge expansion of online public records, we used to dig through microfiche slides, handwritten grantor/grantee books, and paper courthouse files.

Things are quite a bit different now that just about every county in Florida has their official records and court dockets available online often with images of the documents right at your fingertips.  A detailed primer on title searching and examination could take up a hundred or more pages.  A title examiner needs to know how to tell if a court proceeding including foreclosure, probate, divorce, bankruptcy, quiet title, etc. is handled properly.  You need to know the statute of limitations for a dozen different liens and a whole array of various title defects. 

You need to look out for errors in documents as well as forgeries and fraud.  On top of that the state and federal laws affecting real estate are constantly changing.

This series of articles is going to give you the "Reader's Digest" version of how to quickly do your own title searches so that you can evaluate the situation with a property.  Typically an investor wants to know who owns the property, possibly how big the lot is, and what mortgages or liens are outstanding.  With the case of foreclosure auction investors, you will also want to know that you are buying the 1^st mortgage and not a 2^nd mortgage as well as verify that junior lienholders were named in the foreclosure suit.  But you do not want to spend $100-200 on a title search unless you actually decide to buy the property.  This set of articles will allow you to quickly shortcut that process.  Of course it is still wise to obtain title insurance and a boundary survey for every property you buy anyway.  Because despite what you may have heard, title companies do pay out insurance claims on a regular basis and sometimes correcting a title defect can be a long and drawn out process.

There are two oddities to title searching that most people do not realize.  Number one is that searching a title is a backwards sort of process.  With most any other type of research, you would start at the beginning and work your way to the end.  Title searching is the opposite.  You start at the end and work your way backwards through time.  The reason for this is that you normally know who the current owner of the property is but you do not know who the original owner was. (Technically the original owner of all land in Florida was the Spanish Empire until 1821 when the United States acquired Florida from Spain. Spain traded it back and forth with England during the 1700's but they originally acquired Florida by conquest in 1513 when good old Ponce De Leon landed in Saint Augustine. Enough of the history lesson though.) Stay tuned for Part 2 ...    


Rob Arnold - Your full service and investor friendly Realtor ® in Orlando and Central Florida.
407-389-7318 / 1-877-389-7318 www.SDRhouses.com   www.WeBuyHousesFlorida.com
Our firm also provides flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Florida including Orlando, Altamonte Springs, Longwood, Apopka, Kissimmee, Clermont, Casselberry, Sanford, Lake Mary, and Deltona.
We sell foreclosure, short sale, and bank owned REO house home throughout Central Florida and metro Orlando. Sign up for our free email list of foreclosure and great Orlando house deals.

Sen. Dockery to Rick Scott: listen to the people, not just lobbyists, on SunRail

This is what I recieve in email...  I will post my views at the end.

Sen. Paula Dockery is still taking aim at what she says is the boondoggle of Central Florida commuter rail, SunRail and she's prevailing on Gov. Rick Scott to get in touch with the grassroots to kill the deal. Her letter:

Dear Governor Scott,

Some individuals from Central Florida have launched a well-funded  lobbying campaign aimed at pushing forward the SunRail Freight/Commuter Rail project. I’m aware that you’ve held meetings with the proponents of this Freight/Commuter project that will be heavily funded by Florida’s taxpayers.

As you know, I was an ardent supporter of the High Speed Rail (HSR) project. I know that during that decision making process you met with the opponents of that project, and you ultimately decided to end HSR in Florida. The three reasons you gave were:

First – capital cost overruns;

Second – ridership and revenue projections are historically overly-optimistic and would likely result in ongoing subsidies that state taxpayers would have to incur; and

Finally – if the project becomes too costly for taxpayers and is shut down, the taxpayers will have to repay federal money.

As we move forward, and in an effort to make future strategic transportation decisions, I respectfully request that you agree to a meeting with local government officials and constituents from Central Florida who are opposed to the SunRail project. I know that they share my grave concerns regarding this project. Among those concerns:

*the exorbitant cost which will result in increased taxes at the local level;

*no guarantee of the federal money, which is a very small percentage of the overall project cost;
the low ridership projections for trains that will not go to the airport, Disney World, University of

Central Florida, or International Drive;

*and the egregious liability provisions that will put the taxpayers of the State of Florida on the hook for the negligence of a for-profit corporation in the event of an incident involving freight/commuter trains, even if the freight operator is negligent.

These taxpayers deserve an opportunity to express their concerns to you, even though they do not have the money to pay for an ad campaign or employ an army of lobbyists. They have been unable to get an audience with you. I am asking that you hear the other side of the issue as all Floridians will be better served if you have the facts prior to taking any action.

Thank you for your consideration of this request. I look forward to hearing from you.

 Warm regards,

Read more: http://miamiherald.typepad.com/nakedpolitics/2011/05/sen-dockery-to-rick-scott-listen-to-the-people-not-just-lobbyists-on-sunrail.html#ixzz1LEc25UOV

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My Views:

1) Cost overruns.  They only get 10% If they go over that then its out of THEIR Pockets.   If they can’t or wont then state should seize their property.  Prices have gone DOWN!  Hello!  The longer we wait the higher the price.  Simple.  You’re costing us money.


2) Ridership- Legitimate. Sort of.  Do they not know where this is being built?  ORLANDO FL?  We have tourist from all over and many of them come from countries where their people PREFER Public transportation.  (Much Better than our in the USA)  Buses will run from resorts to train.  People like to explore and this will be a benefit to them.  With Gas Prices going up to (First Born Child with an option on 2nd)  Plus 1/2 of Minimum wage  hourly rate.  What’s Min Wage $8 Gas is about $4 right now and it may go up to $8.  Its getting to the point Americans have to work all 40 hours a week to keep gas in the car.  Screw the home payment.  Rail Fairs would and probably cheaper than gas? (Dual Middle Fingers to Big Oil) That’s incentive for more riders.  AND they spend less time on buses.

3) To Costly?  Thought we cover part of that in 1.  Oh well, High gas prices and EXTREAMLY HIGH Tourist and out of Towner’s using the rail and oh yea ever going gas prices I don’t see it not working.  Since it is being built on existing rails and it fails do we dig those up so we have no trains?  dOES NOT COMPUTE! Since it is being funded by Federal Grants lets cover that.  Grants do not have to be paid back.  Money is already there and set aside for project.  Lets review...Grants don’t have to be paid back.  Where is the repercussions McFly?  Hello?

I am for Public transportation.  I use it often....when I am in other cities.  Orlando Public Transportation is slow.  High Speed Rail....High speed.  Likes like going from Dial up to Cable.  And less traffic on the roads.  Especially with I-4 Expansion coming...AGAIN!  They have already started that.  You can notice Many empty building or vacant lots next to I-4.  That Mound at I-4 and Maitland?  That will be part of the Future Expansion.  I knew you were wondering what that was for. 

This city has to grow.  It is a world destination.  It will be the First City to recover from this Global Recession. People want to come here.  Instead of being reactive we Orlandoians need to be Proactive and plan DECADES ahead.  We can do that to some extent.  And if we Grow faster than expected then we can adjust with minimal cost.  The parks need to work with Florida DOT on this.



We need High SPEED Rail.  10 Years ago.   The current times would be a benifit to building it and we have to ACT NOW!

4 tips for working with the pros on curb appeal

CHICAGO – May 2, 2011 – Landscaping can be pricey, but it can make a big difference in creating curb appeal that attracts buyers to the door.

“The condition of your lawn has a big effect on the look and value of your home, whether you have a complicated landscaping plan with water features and/or an expanse of grass and flowers,” Angie Hicks, founder of service-ratings site Angie’s List, told the Chicago Tribune.

If working with a landscaping pro to boost your seller’s curb appeal, here are some tips to getting more for your money.
▪ Don’t pay until the job is done. If possible, pay nothing until the job is completed so that you have more leverage ensuring the job is done to your satisfaction. However, some companies may require a deposit. If so, pay with a credit card, experts suggest. By using a credit card, you’ll be able to dispute the charge with the credit card company if the service was incomplete or not done adequately.

Read more
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259367

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Always make the bulk of payments done AFTER job is completed and everything is cleaned up.  Never make a lumps sum payment before any work has started.

Its always wise to get several bids.  You get what you pay for.  so if one person is way below all the others the questions to ask...  Whats the quality of your work?  How fast can you Finnish the job?  References?

Watch out for add ONs.  Does it incluse ALL materials and labor?  Are they insured? 

         

Spouses to benefit from pullback of HUD’s reverse mortgage rule

WASHINGTON – May 2, 2011 – The Department of Housing and Urban Development has thrown out a rule it put in effect in 2008 for reverse mortgages, which was causing grief for some homeowners and their heirs.

The rule reversal came about in response to litigation by the AARP Foundation, which sued HUD on behalf of three spouses of deceased reverse-mortgage borrowers. The spouses were put in danger of foreclosure because of the rule.

Reverse mortgages are loans available to seniors age 62 or older who have equity in their homes. The loan typically makes cash or a line of credit available to the homeowner based on the equity in their property and their age. Seniors have been warming to reverse mortgages because the obligation to repay the loan is deferred until they die, sell the home or move out. Before the 2008 rule change, the practice stipulated that spouses, who might have been removed from the title so the elder partner could qualify for the reverse mortgage, could purchase the home for 95 percent of the property’s true market value.
Read More at:
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259380
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Many borrowers lack mortgage knowledge

SEATTLE – May 2, 2011 – A recent survey by Zillow Mortgage Marketplace found that borrowers who received a home loan in the past five years spent, on average, five hours researching their options. That’s about half the amount of time borrowers spent researching a car purchase (10 hours). What’s more, nearly one-third spent two hours or less, according to Zillow.

While a home purchase is typically one of the largest investments people make, the lack of mortgage knowledge can be a costly mistake, experts say.

Here are a few basics about home loans that more customers need to understand.

Read their views at
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259388

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1) What type of Mortgage do they have?
2) What Mortgage is and do they have it?
3) Do they understand their loan options?  What are the advantages of each one?
4) Do they have prepayment penalties?

Banks rush to revamp foreclosure rules

WASHINGTON – May 2, 2011 – The rush is on for banks to meet a mid-June deadline in offering up plans on how they plan to meet a set of guidelines by U.S. regulators to clean up their foreclosure procedures. The banks will have another 60 days after that deadline to implement the changes.

As part of the rules set by U.S. regulators, 14 financial institutions will be required to provide a single point of contact to borrowers trying to modify a loan or in the foreclosure process as well as set “appropriate deadlines” for deciding whether borrowers can get a loan workout. Regulators are also requiring banks to ensure their staffing levels are on par to handle the flood of foreclosures and loan modifications.

Several banks have already taken steps to implement the changes

Read more at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259392

___________________________________

My take?

Banks are working to get rid and fix this mess.

What is the number one items they need to work on?

Selling Short Sales in a timely manor.  In under 45days.  If a short sale takes place than 90 days then people at the bank needs to be fired and the bank should be FINED!

Protect now with flood insurance

WASHINGTON – May 2, 2011 – Hurricane season starts in one month. Since flood insurance typically comes with a 30-day waiting period to become effective, it’s time to sign up.

Federal Emergency Management Agency (FEMA) officials urge U.S. residents to prepare their homes and businesses for the heightened flood risks associated with hurricanes and tropical storms.

Hurricanes caused eight of the top 10 most expensive declared disasters, but many U.S. residents still lack insurance protection against flood damage, causing them to absorb financial losses or seek limited funding from other sources to rebuild or repair after a storm.
read their views at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259399
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My take on Hurricanes:

Better construction is necessary.  We have the tech to prevent massive damage in Hurricanes and Tornado's.  Cars and Trucks should be tied down to prevent them Flying into peoples property.

I am sure that FEMA will come out soon that this Hurricane season of 2011 is going to have x number of storms. 

What do I say?  Very Few Hurricanes or tropical storms.  Maybe Category 1, 2 tops.  Nothing major and I doubt they hit the USA.   People who Know me and we have talked about this know I have been right for the last 5 years running.  I do think Next year, 2012, we will have cat 2&3s.  Now 2013 should be interesting.  I am putting this out there way in advance I know.  2013 I am thinking 3&4s and yes maybe 5s.  2014 Hold on and increase your premiums, I think we will have a few major ones.

Back to 2011 lots of rain no major storms.  I will make better predictions in Dec -Jan.  That's Right 6 months ahead of FEMA and My accuracy is better.

I will not mess with my insurance this year.  I will reevaluate it next year.  Defiantly increase coverage in 2013 and increase it again 2014.

It is always good to have coverage.  Only go with companies that don't complain about hurricanes or being in Florida.  Insurance is like gambling.  Whats you bet?

Know Real Estate? Like to share? Wanna get known!

Get the word out about your business? Do you have some great infromation about your market?  Want to get your name or business out there?

I'm looking for people who can writes some articles even if its just onces or twice a month.  I am looking for people with expertiese in different areas. Investors are also welcome to write articles. 

I will give you access to the site so you can post your own articles. 

They must contain some content and not just a sales pitch.  Our guest want value.  Tell them about your product or serice and how it will give them something.  It must as some value to them or their business.  Many investors read this blog.  From all over the world.  So impress the readers.


This is Free advertisement for you

6 apps make it easier to find lowest gas prices

ORLANDO, Fla. – April 29, 2011 – Outraged by high gas prices? There are several apps for that.

The average price for a gallon of gas is again approaching $4 – though the average price has already passed $4 in a handful of states, and several others are on the brink of joining the list. But this time, drivers can cope by using their smartphones.

Free applications let users compare prices at local gas stations, anticipate traffic jams and keep cars operating at peak performance. These apps will be particularly useful in the months ahead, when gas prices are expected to climb higher as summer vacations start.

The national average price for a gallon of gas is $3.86, according to motorist group AAA. That’s up 30 cents from a month ago and $1.01 from a year ago. The steady increases recall the summer of 2008, when prices reached $4.11 a gallon before the economy sank further into recession.

To keep fuel costs in check this summer, here are six apps for the road:

AAA TripTik
GasBuddy
Gas Cubby
MapQuest
Route4Me
Waze

Find out the details on each at

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259333

Rate on 30-year fixed mortgage fall to 4.78%

NEW YORK – April 29, 2011 – Fixed mortgage rates dipped this week, with the rate on the 30-year loan staying under 5 percent and the 15-year loan falling below 4 percent.

Freddie Mac said Thursday the average rate on the 30-year loan fell to 4.78 percent from 4.80 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 slipped to 3.97 percent from 4.02 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Read more
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259337

Rates are not the issue that needs to be fixed.  How fast the banks closes is the major issue.  Thats my 2 cents

Feds create uniform foreclosure guidelines

WASHINGTON – April 29, 2011 – By the end of 2011, foreclosures under Fannie Mae and Freddie Mac – which hold or guarantee roughly 90% of all U.S. loans – must follow the same procedures. Loan servicers under Fannie and Freddie will be rewarded if they perform well and punished if they do not, according to Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco

“This initiative will direct servicers to reach families earlier, communicate more frequently and clearly, and provide relief,” says Michael J. Williams, Fannie Mae president and chief executive officer.

Changes under the new guidelines:

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=259345


-Loan servicers have to contact owner as soon as they fall behind start the modification process.  TO work on a modification rather than foreclose in good faith.

-Fewer forms.   All servicers will use the same forms so less comfusion. Everyone wins here.  Faster Service also.  KISS= Keep It Super Simple

-Must review each case then decide how they will proceed.

-Mortgage companies can no longer continue to foreclose while working on a loan modification.

-Loan servicers will be paid based on speed if a modification is done with in 4 months.  (I would have prefered 2 months)

-If the house is already in foreclosure status the servicer will be paid incentives if they create and alternative to foreclosing.