Last year, Steve Williams* lost his Miami job when his employer downsized; but Steve was fortunate enough to find a new job relatively quickly in another state. The only problem? What to do with his house in Miami. Keeping it as an investment wasn’t an option. Area rents would not support the monthly expenses, especially […]
Florida Housing Finance Corp Will Use $350 Million in Federal Funding to Help Underwater Homeowners
On Friday, the State of Florida announced that it will be using $350 million in federal funding to help reduce outstanding principal for underwater borrowers. What makes this program diff erent from others is that only those who are current on their mortgages (have not been more than 60 days late within the past 24 […]
Track the Trends – Miami Dade County Single Family Housing
It should not come as a surprise to anyone that foreclosures are still driving our Miami-Dade real estate market. But what is interesting to me is how many homeowners are still trying to sell their single family houses at prices far above what the market demands. For the homes that are going under contract, the “days […]
New Short Sale Disclosures From MARS
No, not that Mars. I am talking about the new short sale disclosure requirement that comes from the Federal Trade Commission’s January 31st ruling on parts of the Mortgage Assistance Relief Services (MARS). On February 23, the National Association of Realtors published a summary of the ruling and their recommendations in a report titled “New FTC Rule Requires […]
Short Sale and Foreclosure Listings Down in My Miami
Today in my geographic market – which runs from the northern edge of Downtown Miami, through Brickell, Coconut Grove, South Miami, Downtown Kendall & Dadeland, Pinecrest and Palmetto Bay – there are currently 2964 condominiums and townhouses listed for sale on the MLS. Of those, 480 are listed as Short Sales and another 72 as “REO’s” […]
6 Big Hits to Your Credit Score
In the real estate business I often hear people asking how short sales, foreclosures or late payments affect their credit score. USAA recently published an excellent article helps answer that question: Here’s a look at six top credit score zappers and their average hits to your score based on data compiled by Fair Isaac Corp., […]