Category: Central Florida distressed homeowners
June 24, 2014 - No Comments
IRVINE, Calif. – June 24, 2014 – In RealtyTrac's May 2014 Residential & Foreclosure Sales Report, U.S. residential properties – single family homes, condominiums and townhomes – sold at roughly the same rate as they did one month earlier and less than 1 percent higher year-to-year. However, total sales include a lot more "normal" sales than in recent months, causing, in part, a median sales price ($180,000) rise of 6 percent month-to-month and 13 percent year-to-year. May's year-over-year increase was the second consecutive month with a double-digit annual increase in U.S. home prices, and the biggest annual increase since U.S. home prices bottomed out in March 2012.
June 10, 2014 - No Comments
IRVINE, Calif. – June 10, 2014 – RealtyTrac's U.S. Foreclosure Market Report for May 2014 shows foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 109,824 U.S. properties in May, a 5 percent decrease from the previous month and a 26 percent decrease from May 2013. It's the lowest monthly level since December 2006. The report also shows one in every 1,199 U.S. housing units with a foreclosure filing during the month. Despite the decrease in overall foreclosure activity nationwide, 21 states posted monthly increases in overall foreclosure activity, and 11 states posted annual increases in foreclosure activity.
June 7, 2014 - No Comments
NEW YORK – June 6, 2014 – Seven in 10 Americans say they believe the nation is still in the middle of the housing crisis or are concerned that the worst is yet to come, according to the MacArthur Foundation's How Housing Matters Survey of more than 1,300 Americans. However, the public is slightly more optimistic than last year, when 77 percent said they feared the same thing. About a quarter of Americans surveyed say they think the housing crisis is "pretty much over."
June 1, 2014 - No Comments
FORT LAUDERDALE, Fla. – May 30, 2014 – Question: We have been trying to get our lender to approve a short sale for several months. The bank just e-mailed a short sale approval letter that was already expired. When we called the bank, we were told that we have to start over from scratch. I thought short sales were getting easier. What happened? – Norman Answer: Sadly, your story is typical. Although you rarely hear about the foreclosure crisis in the news anymore, it's still going on, with many hundreds of thousands of homeowners in distress. It did seem that short sales were becoming less of a hassle after the $25 billion national mortgage settlement was announced in 2012. But it has been my experience that borrowers still are struggling to get the necessary approvals. In some cases, borrowers fail to provide the proper paperwork in a timely manner; in others, the bank negotiators don't have the proper training.
May 28, 2014 - No Comments
WASHINGTON – May 28, 2014 – One reason for the sluggish housing recovery: homeowners can't sell their homes because they don't have enough equity to do so yet, The Wall Street Journal reports. Nearly 10 million U.S. households – about 18 percent of homeowners with a mortgage – are still underwater, meaning their home is worth less than their mortgage. Home prices are rising, and the number of underwater homeowners is declining, but some still feel stuck. "Most move-up homeowners typically use their home equity to cover broker fees, closing costs, and a down-payment for their next home," The Wall Street Journal reports. "Without those funds, many homeowners can't sell."
May 21, 2014 - No Comments
WASHINGTON (AP) – May 21, 2014 – Nearly 10 million Americans remain financially trapped by homes worth less than their mortgage debts – an enduring drag on the U.S. economy almost seven years after the housing bust triggered the Great Recession. During the first three months of this year, 18.8 percent of homeowners with a mortgage – 9.7 million – owed more on their loans than their properties would sell for, according to online real estate database Zillow. Though that was an improvement from the 25.4 percent figure of a year ago, the share of such "underwater" homeowners is about four times the historic average. An additional 18.1 percent of mortgage holders were "effectively" underwater: They had equity, but the proceeds from selling their home would be too low to recoup the sales costs and also put a down payment on a new property.