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Shadow Inventory? Of Homes Could Topple Real-estate Recovery – Miami Herald

REI News — Sun, 16 Oct 2011 05:36:15 +0000

But millions of people lurking in the shadows – carefully hidden in bank balance sheets, supported by the courts of foreclosure, or simply occupied by the owners and lenders who do not pay to wait months or years before they act. Officially there are 3.5 million homes for sale throughout the country.

Prices also showed signs of stability this year, a wave of foreclosures that has threatened to keep the deflated values of real estate in South Florida and across the country. And in South Florida, with about 200,000 households already owned by banks or direct impediment, is one of the largest collections of national inventory invisible. The number of houses dwarfs shadow of 30,000 or more are listed on the asset market.

Supply and demand in the housing market expectations, the domestic supply of houses traded at around $ 3.5 million, equal to the value of the houses of nine months (selling the house in good condition track to reach five million dollars this year). A healthy housing market is the "supply" of six months to the property, which would be about 2.4 million. But once that is added to the inventory of shadow, which provide more than twice of at least $ 7.5 million.

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Rick Scott, GOP To Consider Taking Courts Out Of Foreclosure Process – Miami Herald

REI News — Wed, 21 Sep 2011 17:13:17 +0000

In short: Executions take longer and are more expensive in the states participating in court, said state economist Amy Baker [Source: El Nuevo Herald] .. Opponents say that the owners put their thanks to the banks. And the House Civil Justice Subcommittee was informed on Tuesday, said details of the seizures are the fields in the process who do not. The idea is to reduce the Florida courts in the foreclosure process. Supporters of the idea -- which is used in nearly 30 countries -- say the attacks on the speed, new homes get on the housing market and revive the economy. Rick Scott, chairman of the House of Representatives and Senate President Dean Cannon, Mike Haridopolos all say they are interested in examining the legislation to change Florida law so that judges should not judge the entries. Governor

This announcement was made Tuesday by the Governor A spokesman said the average wage is $ 57 000. Shared Services Center in 2012, although the location remains uncertain, as company officials are still deciding between existing offices in Tampa, Tampa and unincorporated Hillsborough County. Rick Scott and Time Warner CFO John Martin. > Time Warner to add 500 jobs in Hillsborough County, Time Warner plans to create 500 jobs in Hillsborough County over the next five years in a center capable of providing human resources, payroll and other technological support the company.

www.youtube.com/watch?v=Xo_7bhk1UzA

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Florida Bouncing Back, And Recession Not Likely, Report Says – Miami Herald

REI News — Mon, 19 Sep 2011 04:57:15 +0000

"The recovery in South Florida since the Great Depression has been very slow," said the report. Among the main problems cited Wells Fargo 40 percent of mortgages in the region are under implementation or at least 90 days late, compared to the national average of 11 percent. However, South Florida receives a special mention in the report as a concern.

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Florida Has Highest Inventory Of Homes In Foreclosure – Miami Herald

REI News — Sat, 27 Aug 2011 03:13:16 +0000

Florida has the largest national inventory of homes in foreclosure, with 14.4 percent of mortgages in the current state of foreclosure. Percent state loan of 3.2 million, or about 739,000, or 23.1 delinquent or in foreclosure, the report said. More than 50 percent of subprime loans are in default status, the report said. Other 8.7 percent of the properties are at least 30 days late, even if an entry has been submitted.

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Former Justice Cantero: Florida Supreme Court Does Not Need More Members – Miami Herald

REI News — Mon, 09 May 2011 08:13:17 +0000

Once past the committee on the bill, based on the same false arguments in the House had done, Senator So what the legislature should do every year – passing a budget – which was bound by this that legislature did not have to do – packing the courts and the public to pay for it. Alexander said the first offer in compromise of the House budget.

To summarize the proposed constitutional amendment in Florida, went to court seven members of a court of law with 10 civil and criminal divisions of five members. The court had to accept many low-level cases now decided to lower levels, which require additional staff. This is probably justified by the fact that the Florida Supreme Court did not address the case fairly quickly, and the amendment "guarantee" the money to the courts. The legislature would have the final word on the rules of court.

Governor practice, this amendment could go to presidential primaries next year. For convenience, the Republican primary will be much more important than the Democratic primary, making it more likely that the bill for the Republicans would. Therefore, Scott would appoint three new judges. It is clear that the Republican controlled legislature did not consider this change if a Democrat was governor.

Like other Republicans have heard of us, who opposed the amendment addresses a non-issue. Addressing the specific charges that the Supreme Court does not move quickly to the death penalty, the former Supreme Court Mr. Raoul Cantero is a Republican Jeb Bush appointed to the Supreme Court. Cantero wrote in The Miami Herald, 40 death row in Florida, have exhausted their appeals, but says the execution was not signed.

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State To Expand Help For Homeowners Facing Foreclosure – Miami Herald

REI News — Thu, 07 Apr 2011 16:57:18 +0000

Meanwhile, the governor, had asked for more information. Bill Nelson, a Democrat, has accused Scott of delaying aid to fight against the owners of exclusion, noting that "the program has the blessing of the new governor." He noted that Michigan, which received U.S. $ 499 million, has its own program. Sen A mid-March, United States

But as the governor has rejected $ 2.4 billion in federal aid for high-speed rail in February, it was feared that it would retain more than $ 1 billion in federal aid to foreclosure. Florida was elected a year ago, with Nevada, California, Michigan and Arizona as one of the first Treasury of the States most affected due to high unemployment and house price dive.

Some comments may be reprinted elsewhere in the site or in newspapers. The Miami Herald is pleased to offer this opportunity to share information, experiences and observations about what's in the news. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate, personal comments and remarks that are off topic. Thanks for taking the time to offer your thoughts.

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State to expand help for homeowners facing foreclosure – Miami Herald

Florida?s Foreclosure Rate Is Nation?s Highest – Miami Herald

REI News — Fri, 18 Feb 2011 06:04:16 +0000

MIAMI – could increase mortgage rates and the federal government would have a much smaller role in the housing market, according to the proposals contained in a long-awaited report released Friday by the U.S. Treasury Department.

But buyers of real estate with more problems in the domestic market in South Florida do not use the funds. In 2010, more than half of existing home sales in South Florida, all the transactions involved cash, almost double the national rate. However, for buyers who have a mortgage, about 90 percent took loans from Fannie Mae guarantees, highlighting the importance of sustained funding by the Government in the credit market today. There are indications that the costs of obtaining a mortgage loan are already up, the average rate for a 30-year mortgage rose to 5.05 percent set for this week, the highest level in eight months, according to Freddie Mac

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Florida Extends Deadline To Complete Mortgage License Applications – Miami Herald

REI News — Sat, 01 Jan 2011 10:45:13 +0000

His office counts 39 licensed loan modification firms with 185 licensed associates in Nevada. Critics say that the ruling favors large banks, which don’t want advocates representing homeowners. As one would suspect, unethical mortgage modification firms often fail to do any work after collecting fees, and the FTC rule will prohibit mortgage modification firms from being paid in advance. Starting January 31, the Federal Trade Commission has banned consulting firms from charging up-front fees for negotiating modifications of residential mortgage loans. FTC PRESSER. In Nevada, the Mortgage Lending Commissioner said the constraints of the federal rule “will have substantial impact” on the number of licensed consultants for mortgage loan modifications.

So far, only about 14,000 have applied under the new system.” Wow – there go 29,000 of my readers! But wait – mortgage industry professionals in Florida will have three more months to complete license applications initiated by Friday under a new, tougher screening system, the Florida Office of Financial Regulation announced. Applications were originally due this week, and anyone who hadn’t completed one had to stop working on mortgages after that. So when you look me up on the DRE website and click on the NMLS link you’ll still find a big “NO” in the box labeled “Authorized to do Business”. HERE is the actual announcement.One agent wrote, “I am one of those caught in the DRE log jam which is primarily occurring in the sponsorship link between the NMLS registered Owner/Broker company and the individual loan originator. According to the Miami Herald, “There are nearly 43,000 mortgage brokers in Florida licensed under existing rules. If their applications aren’t complete by March 31, applicants will have to stop working in the mortgage business. They have until then to complete other requirements, including a state and federal background check, required education and testing and a credit report. Now, anyone who gets started on an application by Friday and pays application fees can keep working until March 31. I continue to be amazed by the way some LO’s ignored the licensing all year, waited to the last minute, and are now blaming their employer, the NMLS, or the DRE for their situation – it is entirely their fault. Our experience with dealing with the people at NMLS and the DRE has been nothing but positive. They are very helpful and sympathetic, but can only do so much for the lazy LO who did not get their requirements completed early on. In fact, there have been thousands of emails from every aspect of the industry warning LO’s all year that they need to get this handled early – it is just embarrassing that some of our LO’s did not take their profession seriously.”. This is classic government creation of a monster to solve a mythical problem and then being unable to manage it.”Another industry vet wrote, summing up several responses that I received: “For NMLS, I would add that most LO’s who are having issues waited until the last minute. This was all supposed to be done by September, but the DRE extended to give the dead beats time to complete. The LO’s who view their jobs as “professionals” got their licensing out of the way by the end of summer, are in possession of their MLO, and are ready to tackle 2011. Supposedly, those Owner/Brokers who submitted their originators’ registration information before September 15 were guaranteed approval before January 1, but it has not happened for me yet and I don’t expect it to in spite of our filing long before the deadline.

During the boom years, a large number of reverse mortgages were done, especially in Florida where there are a lot of seniors. “The issue that California is having, we have seen nationwide with most states outside of PA . Whether it is a renewal and or just a simple ‘transfer,’ the average state seems to be back up at least 60 days. Technically the LO’s can’t conduct business until fully processed by the state and or the NMLS. This is a huge issue that the state governments must address and most mortgage banks are out of compliance in one fashion or the other. We Understand the NMLS Rules say by 1/1/11, but we are trying to avoid any issues going forward and are also trying to avoid the rush of loans that may come in with NO NMLS #.”Yesterday I had a primer on reverse mortgages. A large percentage of those homes have fallen in value. Effectively, those who did reverses were able to short their housing market.”. As you mention below, the mortgage is based on the value of the house. One reader wrote, “I’ve heard that FHA is sitting on a huge pile of unrealized losses that no one is discussing. So, when the borrower passes away, and FHA goes to sell the house, they aren’t going to be able to get their money back out of it. Some have adopted a “State Desk” concept but as we know technically that function is also out of compliance.”EverBank, for one, sent out a note to brokers, “Please note that we are no longer taking loans in UNLESS you have been set up with NMLS.

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Existing Homes Sales Tick Up In South Florida – Miami Herald

REI News — Wed, 22 Dec 2010 23:30:35 +0000

They stopped in Plymouth, Massachusetts, Hershey, Pennsylvania. Empire State Building in New York, Jamestown, Virginia, to Cape Canaveral in Florida and the Florida Everglades. Wood RidgeThe seniors have been busy "trip" on the east coast of learning were the capitals of the northeast and southeast y. They have also completed their science unit on water. We will continue to learn from the regions of the United States in the coming months. We work to become better readers, learning to choose between facts and opinions, making inferences, problem identification and solution, and finding main ideas. Students also learn to multiply and divide large numbers in mathematics.

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South Florida Home Sales Slide As Prices Rise — But Only Temporarily – Miami Herald

REI News — Tue, 23 Nov 2010 22:57:13 +0000

The house prices in South Florida have increased the number of sales in October fell, according to a report released Tuesday, the Association of Realtors in Miami – Foreclosure probably a temporary condition as a result of the blocks by many banks.

With few hands cheap houses owned commercial banks, average prices have increased in some sectors of the market in October. The average price for homes in Miami-Dade single-family sold for $ 199,100 in October, up to 12 percent per year. In Broward, single-family homes sold at an average price of $ 217,900, an increase.

Some comments may be reprinted elsewhere in the site or in newspapers. The Miami Herald is pleased to offer this opportunity to share information, experiences and observations about what's in the news. Thanks for taking the time to offer your thoughts. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate, personal comments and remarks that are off topic.

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South Florida home sales slide as prices rise — but only temporarily – Miami Herald