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22Feb
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04Jan
Tags: First Time Home buyer, Tax Credit
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15Oct
RealtyTrac, a leading online directory of foreclosure properties, released its Foreclosure Report for the 3rd quarter of 2009, which shows that foreclosure filings, default notices, auctions and bank repossessions increased by 5% and an increase of nearly 23% from 2008. That accounts for more than 1 in 140 houses in foreclosure the highest amount since 2005 when RealtyTrac started.
“Bank repossessions, or REOs, jumped 21% from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” said James J. Saccacio, chief executive officer of RealtyTrac. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”
Nevada, California and Arizona lead the country in foreclosures with nearly 1 in 23 houses receiving a foreclosure filing that is 6 times the nation’s average.7 other states round of the top 10 for foreclosures and they were Florida, Idaho, Utah, Georgia, Michigan, Colorado and Illinois.
California, Florida, Arizona, Nevada, Illinois and Michigan accounted for over 60% of the nation’s total foreclosure activity in the 3rd quarter.
California accounted for nearly 27% of all the nations’ foreclosures, With 250,054 properties receiving foreclosure filingsAlthough Florida’s foreclosure activity decreased 1% from the previous quarter, the state still has the second highest foreclosure postings at 23%. However default notices did decrease 6% from the previous quarter and REOI increased 16%.
The third highest foreclosure postings where in Arizona with 50,300 filing an increase of 5%.
The Other states in the top 10 for foreclosures were Georgia (33,385), Texas (29,838), Ohio (29,645), and New Jersey (18,108).
While the real estate market is still in a lot of confusion some people are taking advantage of buying property a fraction of its previous value if you are interested in learning more about buying discounted property please visit Buy Now 101 a new service to help people find and buy real estate.
If you are facing the tough situation that you may be nearing a foreclosure please visit Sell Now 101 for opportunities to sell your property.
Article 15th October 2009 – Miami Real Estate Investment
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27Jul
With the amount of foreclosures hitting an all time peak it is not only the defaulting home owners who are suffering.
Condo Associations throughout Miami and South Florida are under great financial pressure caused by the NON payment of maintenance fees by owners who have stopped paying.
This then leaves the only alternative, to assess or charge the owners who are not delinquent on their maintenance. Eventually this is causing even more people to stop paying even if they are still paying their mortgage.
Luxury condo Mirador Miami Beach has now started to restrict access to amenities and services to owners and renters of owners who are delinquent.
Although quite a harsh move to restrict access to laundry machines valet parking and Package delivery it seems like one of the only options that the associations can take.
Then end result of the association not collecting enough money to pay the buildings day to day bills is the building goes in to bankruptcy as recently happened in one of Miami’s Famous buildings Flamingo South Beach.
Although by nearly doubling the maintenance it looks like the Flamingo might get back out of bankruptcy soon.
Another tragic result of a delinquency rate of over 15% is that banks and lending institutions will not allow loans to be made for apartments in these condos.
The only way to sell a condo is to find a Cash Buyer and these are only willing to buy at a big discount.
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26Jun
What home buyer should know about the FHA plan to allow them to use the $8,000
Tax creditHome buyers from Miami and Florida can now take advantage of a FHA
program that allows qualified first-time home buyers to use the $8,000 tax credit
up front to help with the purchase costs of a FHA-insured home.Some details of the FHA plan:
- FHA now allows its lenders to provide a short-term bridge loan to qualified home
buyers for the purpose of accessing the federal $8,000 tax credit at the
closing table. While the loan cannot be used to cover the minimum, FHA-required
down payment of 3.5 percent, it will allow home buyers to use the federal
tax credit in one of three ways: - Home buyers can use the $8,000 tax credit to make a bigger down payment over
the FHA-required 3.5 percent; they can also use the tax credit to cover closing
costs; or home buyers can use the $8,000 tax credit to buy down their
interest rate. - Qualified home buyers applying for FHA-backed financing with an FHA-approved
lender that offers a bridge-loan program can use that loan to bring down
the immediate costs of buying a home significantly; however, they would
still have to come up with the minimum 3.5 percent down payment – which
is the buyer’s personal stake in their Florida dream home. - Other resources are available for buyers who need help with the 3.5 percent down
payment, including the Florida Housing Finance Corporation, many local
government agencies and nonprofit lenders. - In addition, Florida has approved $30.1 million for its new Florida Home buyer
Opportunity Program, which will help first-time home buyers with down
payment assistance through its own tax credit bridge loan program, once
it’s established. County housing administrators will operate the program
under the authority of the Florida Housing Finance Corporation. The Florida
program is separate from what the U.S. Department of Housing and Urban
Development offers through the FHA program.
More About the FHA Program
Did You Know?
The federal home buyer tax credit is expected to stimulate over 160,000 home sales
across the U.S. – of that number, 101,000 will be first-time buyers who
will receive the credit, according to estimates by the National Association
of Home Builders. An additional 59,000 existing homeowners will be able
to buy another home because a first-time buyer purchased their residence.
Given FHA’s current market share, it’s estimated that thousands of families
will be able to purchase a home by using the anticipated tax credit for
their purchase, along with an FHA-insured mortgage.Consider the Source.
Miami Home buyers should beware of mortgage scams and carefully compare benefits and
costs when seeking out tax credit bridge loan programs. Programs will vary
depending on the organization offering the services. Borrowers should consider
which program make sense for them, as well as what company offers the most
suitable and affordable option.Keeping Track.
For every FHA borrower helped through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA officials say they will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary.
NOTE: This document is for informational purposes and to help Miami real estate buyers and should not be construed as tax or legal advice.
For specific advice on their own tax situation, consumers should always consult a qualified tax professional.
>Tags: FHA, Home Buyers, Tax Credit
- FHA now allows its lenders to provide a short-term bridge loan to qualified home
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