Naples Florida Real Estate

Brand New Naples Luxury Condo For Rent At The Regal Point - 1100 Pine Ridge Rd, Naples, FL 34108

2012-02-13T14:15:00.004-05:00

Brand New Naples Luxury Condo For Rent At The Regal Point - 1100 Pine Ridge Rd, Naples, FL 34108

2 BR, 2 Bath, - 1,290 SQFT

Annual Rate: $1,725.00/Month

Available Immediately - See Floor Plan

1100 Pine Ridge Road, Unit # B-102, Naples, FL 34108

Call: (239) 649-1230

Click Here for More Information

Regal Point is a brand new development originally built as condos and which are currently being leased.

Be one of the first occupants in one of the 13 unique floor plans that are being offered. Granite throughout, upgraded appliances, oversized tile and built with attention to detail.

Professionally designed fitness room and beautifully furnished social lounge with huge flat screen TV. Take a splash in the large heated pool or sit pool side and relax reading a book.

Walking distance to all the amenities, including Waterside Shops, the beach, restaurants, grocery stores and night life.

See All Units Available: Click Here

Foreclosure settlement: Florida to get $8.4 billion

2012-02-12T07:42:00.000-05:00

TALLAHASSEE, Fla. – Feb. 10, 2012 – Florida homeowners and foreclosure victims will receive almost one-third of the $8.4 billion mortgage settlement announced yesterday. The settlement amount is second only to California.

“This settlement will provide substantial relief to struggling Florida homeowners, and ensures that our state gets its fair share of the relief being provided nationally,” says Florida Attorney General Pam Bondi.

According to Bondi, most of the money will go to current homeowners who are underwater – who owe more on a mortgage than their home’s current worth – in the form of principal reductions and/or converting their mortgage interest rate to lower levels. About $170 million will go to homeowners who lost their home in foreclosure.

The settlement applies to clients or past clients of five of the nation’s biggest banks: Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial. Other banks may also sign on, though they have not been named.

Negotiations are ongoing. The settlement does not apply to loans held by Fannie Mae and Freddie Mac.

Settlement details

Relief won’t be immediate. While the agreement calls for immediate principal reductions for first and second liens, it will take up to two months for negotiators to select an administrator to handle the logistics, up to nine months to identify eligible homeowners and contact them by mail, and up to three years to complete the process.

Underwater homeowners get relief. The agreement calls for Floridians to receive $7.6 billion from banks to pay for refinancing relief, including principal reductions; borrowers with higher interest rates will also be able to refinance at 5.25 percent. While banks will handle the disbursements, state Attorneys General will oversee the process.

Foreclosed owners get cash. Ex-homeowners who lost a home within the past three years will receive about $2,000 each even if their foreclosure did not involve allegations of robo-signing. Critics, however, say that amount is far too low to compensate for their suffering.

Foreclosures could increase. “The immediate results are not going to be all that pleasant,” predicts Mark Vitner, an economist with Wells Fargo. “The amount of foreclosures will actually increase and there will be some additional downward pressure on home prices.” Some homeowners have lived in a home over two years as the foreclosure process crawls through Florida’s legal system. Analysts, such as Vitner, believe the just-announced settlement brings clarity to the process and banks will proceed more quickly to take back homes.

Florida oversight grows stronger. The state will collect $350 million from the settlement to pay for foreclosure prevention programs and to protect consumers.

A new website includes settlement documents, a set of frequently asked questions, breaking information, and addresses for the banks involved in the settlement. It also includes links to Fannie Mae and Freddie Mac so homeowners can find out if their mortgage is included in the settlement. For more information, go to NationalMortageSettlement.com.

Why housing demand defies real estate fundamentals - Anyone with any cash in hand should be buying a house right now.

2012-02-12T07:32:00.000-05:00

That's what any real estate agent will tell you, obviously, but that's also what many investors now believe.

Unfortunately, the potential home-buying public … isn't buying it.

January's consumer confidence report found a drop in the number of Americans who plan to buy a home in the next six months. If, however, you take out the confidence issue, the fundamentals for buying are strong:

Home prices nationally are down 33% from their bubble peak, according to the latest S&P/Case-Shiller report, mortgage rates are hovering near record lows, and housing supply, while falling, is still historically high. In other words, it's more of a buyer's market than it's ever been.

And yet the home ownership rate continues to fall, and rental demand, occupancies and rates continue to rise. "Federal plans to sell real estate owned properties to investors might provide some relief, but rental value growth is still likely to hit 3% this year and average rental yields may rise to around 5.5%," wrote Paul Diggle of Capital Economics, who believes the downturn in homeownership may still have further to run.

Both Diggle and Standard and Poors' David Blitzer cite still tight credit as the major obstacle to housing demand. Rates are low, but to get those rates you need a significant down payment. The low down payment route, the FHA, has raised fees and premiums, which for some are a barrier to entry. A full third of the market is now all-cash.

"We have to get the demand up, we have to tighten the supply a little bit before we will see any shift in prices and we haven't seen that," said Blitzer in an interview on CNBC. But how do you tighten supply of foreclosed homes in neighborhoods that are so empty that the homes are deemed "unsellable?" Blitzer made an interesting observation:

"Periodically in studies of urban renewal, people come up with arguments that, take such and such a neighborhood, level it, fence it off for the next fifteen years until we need the land and then come back in," said Blitzer. "That's in effect what's going to happen to some of these areas."

NAR: More deals falling through as appraisals coming lower

2012-02-09T08:32:00.001-05:00

WASHINGTON – Feb. 8, 2012 – Appraisals coming in lower than the agreed-upon sales price continue to cause more real estate deals to be cancelled, recent surveys show.

In December, a third of real estate professionals reported they had a real estate contract fall through, up from 9 percent a year earlier.

The National Association of Realtors®, along with other housing industry groups, point to low appraisals and rejected mortgage applications from a stringent lending environment as the main forces behind the high number of transaction cancellations in recent months.

Too often, foreclosures sales – which tend to be sold at big discounts – are being weighted into valuations of non-foreclosure homes, experts argue.

The National Association of Home Builders’ chairman Bob Nielsen has called the use of distressed and foreclosure sales in comparables in appraisals “inappropriate” and “needlessly driving down home prices.”

Sixty percent of builders say they’re seeing problems from appraisals coming in below their contract sales price.

“This is not only unfair and unreasonable, but it perpetuates the cycle of declining home values, drives more homeowners underwater, harms local economic activity and acts as an obstacle to the recovery of the housing market,” Nielsen said in a statement in December about appraisals.

But the lending environment also needs to change for the housing market to recover and for fewer deals to stop falling through, housing experts say.

“If we simply return to the normal credit standards, verifying income and looking at the creditworthiness of an individual to stay in a property long term, we think sales will be 15 percent to 20 percent above where they are,” NAR spokesman Walt Molony told Investor’s Business Daily. “There are more people trying to buy homes than are succeeding today.”

Fannie Mae expands online offers for HomePath properties

2012-02-09T08:23:00.001-05:00

WASHINGTON – Feb. 8, 2012 – Fannie Mae announced the expansion of its “Online Offers” system to collect and manage real estate purchase offers for Fannie Mae-owned properties across the country. Real estate professionals will now submit clients’ offers, receive receipt confirmation and track the status of submitted offers through the HomePath.com website. In November 2010, Fannie Mae launched Online Offers through a pilot program operating only in Orlando, San Diego and Detroit.

“Collecting offers online through HomePath.com will provide greater transparency for homebuyers and their agents,” said Jay Ryan, VP for REO at Fannie Mae. “Our online platform will make it easier to sell properties to owner occupants.”

George Philbeck, a Realtor with Keller Williams Advantage II Realty in Orlando, has used Online Offers since the pilot launched. “With Online Offers, my clients’ offers are guaranteed to make it to the right person at Fannie Mae for review,” says Philbeck. “It has worked very well for me and for my clients.”

HomePath homes are owned by Fannie Mae and include single-family homes, condominiums and town houses. For more information on purchasing a Fannie Mae-owned property through the HomePath Online Offers system, visit www.HomePath.com.

Sales of new single-family homes fell 2.2% in December, ending the worst year on record for the real estate industry dating back to 1963.

2012-01-28T09:13:00.000-05:00

December new home sales fall, 30-year mortgage rates rise

Sales of new single-family homes fell 2.2% in December, ending the worst year on record for the real estate industry dating back to 1963. And 30-year fixed mortgage rates jumped to 3.98% from a record-low 3.88% for the week ending Jan. 26, mostly because housing activity has picked up somewhat in the first month of 2012.

The Commerce Department said Thursday that 302,000 new homes were sold in 2011, 6.2% below the 323,000 new homes sold the year before.

On a seasonally adjusted annual rate basis, the number of new homes sold in December was 307,000, a decline of 2.2% from the previous month and 7.3% below the number sold in December a year ago.

The median sales prices of new homes sold in December was $210,300; the average sales price was $266,000. And based on government estimates, there is a supply of 6.1 months worth of homes for sale at the current sales rate.

The state of the housing market varies widely from state to state and region to region. Home sales in southern California jumped 14% in December over the previous month a usual seasonal jump but the sales price bottomed out as investors concentrated on cheaper homes, a real estate firm reported Tuesday.

Meanwhile, rates on 30-year fixed-rate mortgage averaged 3.98% for the week ending Jan. 26, up from last week's record low of 3.88%. According to Freddie Mac's weekly survey of mortgage rates, 30-year fixed mortgage rates 4.8% a year ago, almost a percentage point below where they are now. And even though rates rose this week, mortgage rates remain at historically low levels. Even with this week's gain, the 30-year fixed mortgage has averaged below 4% for the past eight weeks.

Fifteen-year fixed-rate mortgages also rose, averaging 3.24%, up from 3.17% last week. Rates on the mortgage averaged 4.09% a year ago.

Adjustable-rate mortgages showed less movement this week, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaging 2.85%, up from 2.82% last week. The ARM averaged 3.7% a year ago. One-year Treasury-indexed ARMs averaged 2.74% this week, unchanged from last week and down from 3.26% a year ago.

To obtain the lowest rates, the 30-year fixed mortgage and the 5-year ARM required payment of an average 0.7 point, while the 15-year fixed-rate mortgage required payment of an average 0.8 point and the 1-year ARM required an average 0.6 point. A point is 1% of the mortgage amount, charged as prepaid interest

Realtor-supported insurance bill advances in both House and Senate committees

2012-01-28T09:01:00.001-05:00

TALLAHASSEE, Fla. – Jan. 27, 2012 – In week three of the 2012 legislative session, a number of real estate-related bills saw action.

The Realtor-supported insurance bill that could make Florida more attractive to private insurance companies advanced in both House and Senate committees. SB 1346/HB 1127 would, among other things, remove the requirement that private insurers front millions of dollars to Citizens Property Insurance Corp. to cover losses after a catastrophic hurricane. According to the Office of Insurance Regulation, this is the No. 1 barrier to attracting new companies to the state.

Another Realtor initiative – elimination of local business taxes – spawned a two-hour discussion in a House committee. These taxes, formerly known as occupational license taxes, are normally paid by businesses. Florida Realtors argues that sales associates and broker associates aren’t the business owner, and therefore they should be exempt. Ultimately, the vote was postponed until at least next week.

A Senate committee also considered two bills – SJR 312 and SJR 314 – that would remove Amendment 4 from the 2012 November ballot and replace it with a different version. The bills they considered, however, would only drop the yearly maximum tax appraisal increase for non-homestead property to 7 percent from the current 10 percent, while Amendment 4 provides for a maximum annual increase of 5 percent. Consequently, Florida Realtors supports the current version of Amendment 4 and testified against substituting the new amendment. For now, it appears SJR 312 and SJR 314 don’t have enough support to ultimately pass, and the current version of Amendment 4 will go before voters in November.

Finally, the House released its first attempt at a state budget. As it stands, the House plans to sweep all funds generated for workforce housing through a portion of documentary stamp taxes into general revenue.

Rate on 30-year fixed mortgage rises to 3.98% though it remained below 4 percent for the eighth straight week

2012-01-28T08:52:00.002-05:00

WASHINGTON – Jan. 27, 2012 – The average rate on the 30-year fixed mortgage rose this week for the first time this month, though it remained below 4 percent for the eighth straight week.

The low rates may be contributing to a slow turnaround in the depressed housing market. Still, many who can afford to buy or refinance a home have already done so.

Freddie Mac said Thursday the average rate on the 30-year fixed mortgage rose to 3.98 percent this week. That’s up from 3.88 percent the previous week, which was the lowest level on record.

The average on the 15-year fixed mortgage also rose to 3.24 percent, from 3.17 percent the previous week. The 15-year mortgage hit a record low of 3.16 percent two weeks ago.

Mortgage rates are low because they tend to track the yield on the 10-year Treasury note, which fell below 2 percent this week.

For the past three months, the 30-year fixed mortgage rate has hovered near 4 percent. Historically low mortgage rates are among the signs that point to a pickup in the housing market this year.

Sales of previously occupied homes rose in December for a third straight month. Homebuilders are slightly more hopeful because more people are saying they might consider buying this year. And home construction picked up in the final quarter of last year.

Still, new homes fell in December, the Commerce Department said Thursday. About 302,000 new homes were sold last year, making 2011 the worst year for new home sales on records dating back to 1963.

High unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don’t want to sink money into a home that they fear could lose value over the next few years.

Builders are hopeful that the low rates could boost sales next year. Low mortgage rates were cited as a key reason the National Association of Home Builders survey of builder sentiment rose strongly in December and January.

To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.

The average rates don’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for the 30-year loan dipped to 0.7 from 0.8; the average on the 15-year fixed mortgage was unchanged at 0.8.

For the five-year adjustable loan, the average rate rose to 2.85 percent from 2.82 percent. The average on the one-year adjustable loan was unchanged at 2.74 percent.

The average fee on the five-year adjustable loan rose was unchanged at 0.7; the average on the one-year adjustable-rate loan was unchanged at 0.6.

Builder confidence rises fourth consecutive time in January

2012-01-19T05:39:00.002-05:00

WASHINGTON – Jan. 18, 2012 – Builder confidence in the market for newly built, single-family homes continued to climb for a fourth consecutive month in January, rising four points to 25 on the NAHB/Wells Fargo Housing Market Index (HMI). It’s the HMI’s highest level since June 2007.

“Builder confidence has now risen four months in a row, with the latest uptick being universally represented across every index component and region,” says Bob Nielsen, chairman of the National Association of Home Builders (NAHB). “Policymakers must now take every precaution to avoid derailing this nascent recovery.”

Each of the HMI’s three component indexes registered a fourth consecutive month of improvement in January. The component gauging current sales conditions rose three points to 25, which was its highest point since June 2007. The component gauging sales expectations in the next six months also rose three points, to 29 – its highest point since September 2009. And the component gauging traffic of prospective buyers rose three points to 21, its highest point since June 2007.

The HMI also posted gains in all four regions in January, including a nine-point gain to 23 in the Northeast, a one-point gain to 24 in the Midwest, a two-point gain to 27 in the South and a five-point gain to 21 in the West.

“Builders are seeing greater interest among potential buyers as employment and consumer confidence slowly improve in a growing number of markets,” says NAHB Chief Economist David Crowe. “That said, caution remains the word of the day as many builders continue to voice concerns about potential clients being unable to qualify for an affordable mortgage, appraisals coming through below construction cost, and the continuing flow of foreclosed properties hitting the market.”

Derived from a monthly survey NAHB has conducted for more than 20 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as “good,” “fair” or “poor.” The survey also asks builders to rate traffic of prospective buyers as “high to very high,” “average” or “low to very low.” Scores from each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.

Politics could again delay flood insurance

2012-01-19T05:17:00.001-05:00

WASHINGTON – Jan. 18, 2012 – A pattern of short-term extensions for the National Flood Insurance Program (NFIP), which is currently $18 billion in debt, was repeated in December when lawmakers extended it to May 31, 2012.

Each short-term NFIP extension came at the last minute after lawmakers realized that a major program overhaul would probably not pass before the program’s expiration.

However, this year, the NFIP could be modified. Groups that support coverage for wind damage have scaled back their language, and U.S. Senate lawmakers have backed away from forgiving the program’s debt.

Among the reforms being considered: Have the Federal Emergency Management Agency (FEMA) require more people to enroll in the program and eliminate the subsidized rates that allow property owners to only pay a portion of their premiums.

NFIP changes and an extension are possible only if the issue can get floor time in the Senate. However, Majority Leader Harry Reid (D-Nev.) has not made any promises, though U.S. Sens. David Vitter (R-La.) and Jon Tester (D-Mont.) are collecting signatures in hopes that a show of support will pressure leadership to call for a vote in February. More than 20 insurance groups have offered their support.

American Insurance Association (AIA) Vice President for Federal Affairs Tom Santos says there is “some optimism and momentum” for reauthorizing the program, and sources indicate that some of the more controversial provisions of the Senate bill are off the table.

Santos says one of the last major stumbling blocks to the reform’s passage are disagreements between lawmakers over the way new flood mapping and levee assessments would impact their districts. “I’ve often joked that there’s 435 districts in the United States so there’s probably 435 individual mapping concerns, which is a hard thing to overcome,” he said.

Appraisal Institute: Don’t shoot the messenger, Appraisers Not at Fault for ‘Low’ Home Values

2012-01-19T05:10:00.000-05:00

CHICAGO – Jan. 18, 2012 – Don’t blame the real estate appraiser if it turns out that house you’re trying to sell or buy isn’t worth what you thought it was, says the Appraisal Institute.

Real estate agents, homebuilders and others have tried to blame the market’s distressed condition on appraisers, saying that real estate appraisers are at fault for producing opinions of value that don’t match a home’s listing, contract or sales price, according to the Appraisal Institute. And that has delayed a recovery in the housing market.

Appraisal Institute President Sara W. Stephens calls that accusation “nonsense.”

“The fact is that appraisers are undertaking the same thorough research and thoughtful analysis that they always have in order to continue producing reliable, credible opinions of value,” Stephens says. “Don’t shoot the messenger.”

Stephens points out that mortgage appraisals assist lenders in making a lending decision and are not intended to confirm a listing, contract or sales price. There’s no reason to assume the contract price is the “correct” price simply because it’s higher than the appraisal, she says.

Stephens also notes that appraisers’ clients are lenders, not buyers or sellers. Appraisers are independent, third-party experts with no motive to be biased.

“Appraisers don’t set the real estate market; they reflect what’s happening in the market,” Stephens says. “Think of the appraiser as a mirror, reflecting the market. Obviously, the market is depressed – home prices have fallen far below the values of a few years ago. Many homes simply aren’t worth what their owners think they are.

“Qualified, competent appraisers are capable of using their experience and education to determine when – and how – to use distressed sales as comparables,” Stephens says. “These appraisers know what adjustments to make, if any, when using distressed sales as comparables.” In some markets, she says, distressed sales are so prevalent that it would be improper not to use them as comparables.

The Appraisal Institute created a one-page PDF handout to counter the argument that appraisals have impacted the housing market recovery. To read or print a copy, visit the Appraisal Institute’s website.

Housing outlook is more upbeat - Optimism is building that the housing industry is nearing a bottom — finally.

2012-01-17T05:49:00.001-05:00

Home sales and home building are forecast to rise this year after sliding steeply the past five years in housing's worst downturn since the Great Depression.

Recovery is expected to be slow, and home prices are widely expected to fall this year. But investors are betting on the start of an upturn, bidding up home builder stocks and causing them to outperform the broader stock market.

Chief executives are more positive. JPMorgan Chase's Jamie Dimon said last week that housing is near its bottom but could stay there a year. Stuart Miller, CEO of home builder Lennar, said the market has started to stabilize because of low prices and record-low interest rates.

Market researcher RBC Capital Markets has also turned from a "bearish" view on housing to saying that 2012 "will mark a step in the right direction."

Many economists expect home prices to fall more this year because of foreclosures and other properties sold at very low prices.

As foreclosures pick up this year, "prices will drop," says Stan Humphries, Zillow chief economist. He says home prices won't bottom until later in 2012 or next year.

On average, prices have fallen by about a third since 2006.

"This year will feel a lot better to builders, investors and real estate agents than to consumers," says Jed Kolko, economist for real estate website Trulia.

Housing's outlook is brightening with signs of a better economy. Last month, U.S. employers added 200,000 jobs, and the unemployment rate fell to 8.5%, lowest in nearly three years.

While an economic shock could derail progress, "there's now more evidence of improvement in the economy, and housing will follow the economy," says David Crowe, chief economist at the National Association of Home Builders. More improvement is expected for:

•Sales. Existing home sales will rise 12% this year after a 2% increase last year, and new home sales, coming off a horrid year, will jump 74% this year, Moody's Analytics predicts.

November's existing home sales hit their highest mark in 10 months, and new home sales were the year's second best, IHS Global Insight says.

•Construction. Single-family housing starts will rise 37% this year, Moody's predicts, after falling 9% last year.

Home builder stocks are on a run. The S&P 1500 homebuilding index is up 38% since mid-October, vs. 7% for the S&P 500.

Program educates public on foreclosure scams

2012-01-17T05:39:00.004-05:00

WASHINGTON – Jan. 16, 2012 – According to Loan Modification Scam Alert, a program backed by NeighborWorks America and supported by the U.S. Congress, there is a new foreclosure filing every 15 seconds in America.

NeighborWorks is working with 235 community-based affiliates to educate and protect homeowners from unethical practices. The program says it has three goals: First, alert homeowners about scams. Second, help them spot a scam before it’s too late. Third, encourage them to report scammers to the authorities. The campaign hopes to educate owners at higher risk of scams by telling real-life scam stories in fliers, postcards, door hangers, e-cards, posters, print advertising, local PSAs, events, word of mouth and social media.

Three signs of a scam

According to Loan Modification Scam Alert, foreclosure scams generally have three possible red flags:

• The company asks for a fee in advance.

• The offer comes with a guarantee that a foreclosure can be stopped or a loan modified.

• The homeowner is told to stop paying the mortgage and, in some cases, told to pay the foreclosure relief company instead.

Since the U.S. has a new foreclosure filing every 15 seconds – more than 6,100 per day – and more than 4.5 million households at risk, scam artists see an opportunity, and Florida remains the top state for foreclosure-related scams.

“Loan modification scams are proliferating at a rapid pace,” the program claims on its website. “Every day, more homeowners are falling prey to the slick advertising and sales pitches that guarantee to keep them in their homes. Many scam artists are openly taking advantage of people in difficult circumstances – online, on the telephone, and sometimes audaciously knocking on doors.”

For more information, to read stories of harmed homeowners or to report a scam, visit the Loan Modification Scam Alert website. (Link underlined to: http://loanscamalert.org/)

Survey: Home prices down in most major U.S. cities - U.S. home prices continue to fall despite improving consumer confidence.

2011-12-29T07:48:00.000-05:00

Home prices were down 3.4% in October from the same time last year, according to the Standard & Poor's Case-Shiller home price index of 20 leading U.S. cities, which was released Tuesday.

Prices were also down from September, on a non-seasonally adjusted basis, in 19 of the 20 cities the index covers.

The poor showing stands in contrast to several months earlier this spring and summer when prices showed signs of rising or stabilizing.

Those increases probably resulted from a foreclosure slowdown following revelations last fall that paperwork and processes weren't always completed properly, says Patrick Newport, economist with IHS Global Insight.

Now, mortgage companies are stepping up foreclosure activity and that's driving prices lower, Newport says.

Also Tuesday, the Conference Board, a private research group, said consumer confidence jumped in December to its highest level since April.

But with home prices falling for much of the past year — and expectations of further price declines ahead — many home-buyers are sitting on the sidelines, says David Blitzer, chairman of the S&P index committee. "It's hard to convince yourself that you've got to buy a house right now," Blitzer says.

A Zillow survey of 109 top housing experts released last week indicates that U.S. home prices will decline until late next year or early 2013.

Several factors will hamper home prices , economists say, including:

•Negative equity. About 22% of homeowners with a mortgage owe more on their homes than they are worth. Those people are not likely to move and buy another home, says Christopher Thornberg of Beacon Economics.

•Foreclosures. Nationwide, more than 6 million homeowners were late on their home mortgage payment or were already in foreclosure at the end of the third quarter. As more people lose their homes, the distressed sales will put downward pressure on home prices, Newport says.

Foreclosure tracker RealtyTrac expects a "new set of incoming foreclosure waves," which may roll into the market early next year, says James Saccacio, RealtyTrac's co-founder.

The S&P data shows Atlanta faring the worst among major metropolitan areas with prices off almost 12% year over year. Foreclosures likely caused that big drop, Blitzer says.

Of the 20 cities, only Detroit and Washington posted positive annual returns of 2.5% and 1.3% respectively, S&P's data shows.

CoreLogic: Current Residential Shadow Inventory Remains Flat

2011-12-29T07:32:00.000-05:00

Current residential shadow inventory as of October 2011 remained at 1.6 million units – representing a supply of five months – down from a seven-month supply of 1.9 million units one year earlier, according to CoreLogic. It’s the same level reported in July 2011.

Currently, the flow of new seriously delinquent loans into the shadow inventory has been offset by the roughly equal flow of distressed (short and real estate owned) sales.

CoreLogic estimates the shadow inventory, also known as pending supply, based on the number of distressed properties not currently listed on multiple listing services (MLSs) that are seriously delinquent (90 days or more) – properties most likely to become bank-owned listings (REOs). Properties not yet delinquent aren’t included in the estimate of shadow inventory.

Data highlights:

* As of October 2011, shadow inventory remained at 1.6 million units, or 5-months’ supply and represented half of the 3 million properties currently seriously delinquent, in foreclosure or in REO.

* Of the 1.6 million properties currently in the shadow inventory, 770,000 units are seriously delinquent (2.5-months’ supply), 430,000 are in some stage of foreclosure (1.4-months’ supply) and 370,000 are already in REO (1.2-months’ supply).

* Florida, California and Illinois account for more than a third of the shadow inventory. The top six states, which would also include New York, Texas and New Jersey, account for half of the shadow inventory.

* Despite 3 million distressed sales since January 2009, a period when home prices were declining at their fastest rate, the shadow inventory in October 2011 is at the same level as January 2009.

* Because shadow inventory is often concentrated in suburban and exurban submarkets, where distressed sales compete with new construction sales, it is one of the reasons why new home sales continue to be weak. In normal times, new home sales account for 12 percent of all sales, but they are currently running at 7 percent of all sales.

“The shadow inventory overhang is a large impediment to the improvement in the housing market because it puts downward pressure on home prices, which hurts home sales and building activity while encouraging strategic defaults,” said Mark Fleming, chief economist for CoreLogic.

Supreme Court nixes foreclosure mediation in Florida

2011-12-21T08:09:00.004-05:00

TALLAHASSEE, Fla. – Dec. 20, 2011 – Florida courts will no longer require mandatory foreclosure mediation program after Florida Supreme Court Chief Justice Charles Canady closed down the two-year-old program yesterday.

The program, established in 2009 and modified in 2010, was created to ease pressure on the court system and speed up the foreclosure process. However, Canady said reports suggest it didn’t work as well as hoped, and the courts could no longer justify the system.

According to some homeowners facing foreclosure, lenders did not take the process seriously.

Foreclosures already in the mediation process will continue on that path as they work their way through the system. New foreclosure cases, however, will not be referred to mediation.

Flood insurance extended six months

2011-12-20T11:15:00.000-05:00

WASHINGTON – Dec. 19, 2011 – On Friday, Congress agreed to extend National Flood Insurance Program (NFIP) to May 31, 2012. It was part of H.R. 2055, a large spending appropriations bill that authorizes funding for a number of federal programs through the end of the fiscal year.

The U.S. House passed the bill on Friday, followed by the Senate on Saturday. To become law, it still needs President Obama’s signature, which is expected.

The National Association of Realtors® (NAR) ended its Call for Action intended to push Congress to extend flood insurance for five years. NAR says it will continue to push for a five-year extension before the program again expires in six months through H.R. 1309, a bill previously introduced in the U.S. House.

For updates on flood insurance extension, including information that the president signed the bill and it’s now law, refer to the NFIP website.

Freddie Mac released its U.S. Economic and Housing Market Outlook for December providing five projections for the coming year

2011-12-20T11:06:00.000-05:00

Freddie Mac issues 2012 outlook

MCLEAN, Va. – Dec. 19, 2011 – Freddie Mac released its U.S. Economic and Housing Market Outlook for December providing five projections for the coming year.

“While the headwinds remain strong going into 2012, there are indications the economy and the housing market are gaining ground, albeit slowly,” says Frank Nothaft, Freddie Mac, vice president and chief economist. “Sustained and increased job growth beyond the average monthly payroll gains of 130,000 so far this year (ending in November) are essential. In housing, look for the rental market to lead the way and for some improvement in the single-family space in parts of the country.

Outlook highlights for 2012

• Economic growth will likely strengthen to about 2.5 percent in 2012.

• The U.S. unemployment rate will decline but likely remain above 8 percent.

• Mortgage rates will likely remain very low, at least through mid-2012.

• Housing activity will be better in 2012, but not robust.

• Expect less single-family originations but more multifamily lending in 2012.

Freddie Mac offers background information on its website, “Peering into 2012.” Freddie Mac compiles data on major economic and housing and mortgage market indicators and offers forecasts based on those indicators.

Mixed reviews for luxury homebuyer visa bill

2011-12-13T06:30:00.000-05:00

MIAMI – Dec. 12, 2011 – Buy a house for half a million dollars and get a visa to stay in the United States for three years.

That’s part of a bill in Congress that aims to stoke the weak U.S. real estate market by luring more wealthy foreign buyers. But the plan is getting mixed reviews in South Florida, one of the country’s hardest-hit housing markets.

Critics say the incentives for foreign investors, as written, won’t attract many buyers. For example, the bill does not let foreigners work while they’re here, and it does not offer them a path to permanent residency. That’s what many Chinese investors want, said developer Lon Tabatchnik, who is luring Chinese investors to his Margaritaville hotel project in Hollywood with a different visa program.

“The Chinese aren’t coming here for a three-year vacation,” Tabatchnik said. “They’re coming here to work and educate their children.”

The bill also would classify the housing investors as full-time residents, requiring them to pay U.S. taxes on their worldwide income. Many Latin Americans and Europeans now buy U.S. real estate as an investment but don’t stay full-time, so they won’t be taxed on their global holdings, said immigration lawyer Larry Behar of Fort Lauderdale.

The provisions are part of a bill co-sponsored by Sens. Charles Schumer, D-New York, and Mike Lee, R-Utah, that would change travel visa programs to lure more foreigners to America. Its real estate portion would let foreigners stay in the country for three years if they invest at least $500,000 in housing, including at least $250,000 for what would become their principal residence. The travel visa could be renewed.

Many Florida lawmakers are still studying the bill, dubbed VISIT-USA. Some say they’re encouraged by creative efforts to reduce the state’s glut in housing.

“In Florida, if we can help the real-estate market, we can help the general economy,” said Rep. Ted Deutch, D-Boca Raton. He said the terms of the bill could be tweaked to boost its effectiveness.

Travel leaders in South Florida give rave reviews to provisions that would modernize the visa process. It now can take three months for qualified applicants in Brazil and China to get U.S. travel visas.

The bill would let foreigners pay extra to get their visas processed within three business days and let U.S. officials interview applicants by video conference to speed approvals, among other measures.

But details of the travel visa-for-homes proposal are prompting the most concerns locally. Behar said the new bill might distract Congress from extending a different law that brings foreign investment to job-creating ventures. The employment-based visa program, known as EB5, is helping fund Miami’s Life-Science Technology Park and other regional projects. EB5 will expire Sept. 30 unless renewed.

“At the end of the day, it really has to be about job creation for Americans,” Behar said. The Schumer-Lee bill does not require that new jobs be created.

Said developer Mo Abbas, who promotes EB5 projects in Hollywood: “In my opinion, the bill will result in sellers’ inflating residential prices so their homes qualify for the proposed three-year tourist visa. What we need is long-term investment, not a quick fix.”

Flood insurance expires again on Friday, December 16th, 2011

2011-12-13T06:18:00.001-05:00

WASHINGTON – Dec. 12, 2011 – Congress is once again considering a short-term extension of the National Flood Insurance Program (NFIP) that will expire on Friday, Dec. 16, if the Senate and House fail to pass a bill and send it to President Obama for his signature.

The Senate already passed a bill that extends the program for another six months – to May 31, 2012 – after failing to pass a five-year extension favored by the National Association of Realtors® (NAR). The House introduced an identical bill earlier this month but it has not yet had a full vote.

The House is also considering a longer NFIP extension as part of a payroll tax cuts package.

Should flood insurance once again expire, homebuyers who need flood insurance to close can avoid problems if they:

• Pre-purchase flood insurance. According to FEMA, a flood insurance application and premium payment must be received before the end of the day on Dec. 16, 2011.

• Policy assignment. If a home seller has an existing flood policy, it can be assigned to the buyer even during an NFIP hiatus. To be effective, the insured seller must sign and date the endorsement request.

• Private flood insurance. A handful of companies issue private flood insurance coverage, generally at a higher cost than those offered through NFIP.

Homeowners with an existing flood insurance policy are generally not affected by any NFIP hiatus, though that might depend on how long it takes to renew the program. In the past, Congress has made its renewal retroactive to the time when the flood insurance program expired.

NAR has a Call for Action asking Realtors to write to their personal representatives and request a five-year extension of the NFIP program. For more information, visit NAR’s Realtor Action Center. (Link underlined to: http://www.realtoractioncenter.com/for-associations/cfa-report/actions-by-state.html?campaignID=a1669)

HouseLogic poll: Voters driven by jobs, housing in 2012 election

2011-12-13T06:09:00.000-05:00

WASHINGTON – Dec. 12, 2011 – A recent survey by Houselogic.com, the consumer Web site from the National Association of Realtors®(NAR), finds that jobs and the housing market will be two of the most important issues for voters in the 2012 election. Nearly one-third of respondents said housing will be the top issue on their mind when they head to the polls next November.

“We need to keep housing first on the nation’s public policy agenda, because housing and homeownership issues affect all Americans,” says NAR President Moe Veissi, broker-owner of Veissi & Associates in Miami and 2002 president of Florida Realtors. “The results of this survey show that many Americans understand that.”

Respondents were asked “What issue area will have the greatest impact on your vote in 2012?” National security, healthcare and energy/environment trailed housing and unemployment by wide margins:

• Jobs/Unemployment: 54 percent

• Housing: 27 percent

• National Security: 8 percent

• Healthcare: 4 percent

• Energy/Environment: 2 percent

• Other: 4 percent

With unemployment still high, it is easy to see why many Americans focus on the job market. However, employment and the housing market are linked because economic growth and job creation cannot occur without a housing recovery.

Housing accounts for more than 15 percent of the U.S. Gross Domestic Product – a key driver of the national economy. Home sales generate jobs. NAR estimates that for every two homes sold, one job is created. New spending on homebuilding products, furniture, and other residential investments also has a significant economic impact.

Some recent indicators show that the economy might be starting to rebound, with pending home sales rising strongly in October, according to NAR’s Pending Home Sales Index. However, any changes to current programs or incentives must not jeopardize a housing and economic recovery. Unemployment, consumer confidence and consumer spending will not rebound until a number of issues are addressed.

“NAR actively advocates public policies that promote responsible, sustainable homeownership, which will in turn support overall economic recovery,” says Veissi. “We want to ensure affordable, accessible financing; support tax policies that encourage homeownership; and help more people stay in their homes or avoid foreclosure through streamlined short sales.”

This HouseLogic survey shows Americans understand that a housing recovery is important to the nation’s economic recovery, and many of those housing-related issues will be on the minds of voters in 2012.

NAHB: Flawed appraisals killing more real estate deals

2011-12-13T06:01:00.001-05:00

WASHINGTON – Dec. 12, 2011 – In many recent cases, new homes are being appraised for less than the cost of construction, according to the National Association of Home Builders. Builders are blaming flawed appraisals for holding back the housing market’s recovery, saying that new homes should not be compared to foreclosed homes that have sat vacant and are in disrepair.

“The inappropriate use of distressed and foreclosed sales as comparables in determining new home values is needlessly driving down home prices, killing home sales, causing more workers to lose their jobs and delaying a housing and economic recovery,” says NAHB Chairman Bob Nielsen.

Sixty percent of builders say they’ve had problems with appraisals coming in below their contract sales price, according to a recent survey by NAHB. One out of three say they’ve had signed sales contracts canceled in the last six months because appraisals were less than the contract sales price.

In a separate study by the National Association of Realtors® from June, 16 percent of real estate professionals also reported an increase in deals being canceled mostly due to low appraisals.

NAHB is calling on regulators to make major reforms to appraisal practices and oversight to prevent flawed appraisals from continuing to hamper a housing market recovery.

Bankrate: Jumbo mortgage rates hit new record low of 4.68 percent

2011-12-09T05:07:00.001-05:00

NEW YORK – Dec. 8, 2011 – The jumbo 30-year fixed mortgage rate fell to a new record low of 4.68 percent, according to Bankrate.com’s weekly national survey. The average jumbo 30-year fixed mortgage has an average of 0.4 discount and origination points.

According to Bankrate’s weekly survey, the average conforming 30-year fixed mortgage inched lower to 4.24 percent while the 15-year fixed mortgage held steady at 3.48 percent. Adjustable rate mortgages were mostly lower, with the average 5-year ARM sliding to 3.18 percent and the 10-year ARM inching down to 3.8 percent.

Mortgage rates are low, but based on the ultra-low levels of benchmark interest rates such as 10-year Treasury notes, mortgage rates could be even lower.

Since August, the European debt crisis has pushed the spread between risk-free U.S. government bonds and those of other bonds, such as mortgage-backed bonds, to the highest levels since the spring of 2009. At that time, financial tensions were at a fever pitch, particularly surrounding the health of the U.S. banking system. This time, it’s Europe’s banking system in the crosshairs, but the result is much the same – a higher-than-typical cost of borrowing when compared to the rock-bottom government rates.

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

Despite national and global headwinds, Florida’s real estate market is entering 2012 on an upward trend.

2011-12-08T06:33:00.001-05:00

“Our state is in a mini-recovery,” said Florida Realtors® Chief Economist Dr. John Tuccillo at the state association’s 2012 Real Estate and Economic Forecast Conference in Orlando. “Sales are trending up, listing inventories are falling, the supply of lender-related properties has stabilized, and we are seeing multiple offers on homes in some local markets.”

In fact, Florida homes today may be undervalued, Tuccillo added. “That may seem like a drastic statement,” he said. “But a buyer who plans to own the home for five to seven years can get some great bargains today.”

Mark Vitner, senior economist at Wells Fargo in Charlotte, N.C., said the U.S. economy will continue to face significant challenges, particularly financial concerns related to the European debt crisis. But he expects the U.S. economic recovery will continue next year, making it easier for Midwesterners, for example, to buy Florida homes.

“Florida’s economy is recovering, with tourism and healthcare leading the way,” Vitner said. “International tourism has been particularly strong in Miami and Orlando.”

Looking around the state, Vitner said Jacksonville’s unemployment rate has dropped and home prices are stabilizing. In Orlando, prices have not yet reached bottom, he said, but the winter tourism season should help the regional economy. Tampa and Southwest Florida have seen solid job growth, with little new home construction.

South Florida’s economy is growing thanks to trade relationships with Latin America and the Caribbean, while in the Panhandle, Fort Walton Beach is outperforming Panama City and Pensacola, according to Vitner.

Dr. Lawrence Yun, chief economist for the National Association of Realtors®, said many Florida markets are showing sharp drops in inventories of homes for sale – a sign that demand is picking up and prices are stabilizing. “That’s a major change from just a year ago,” he said. “Buyers have stepped back into the Florida market.”

Noting the state’s powerful appeal to international buyers, Yun said he was particularly optimistic about the outlook for South Florida. “Don’t be surprised to see a gain in home prices in the Miami and Naples markets in the next 18 months,” he said. “From there, the recovery is likely to roll northward to Central Florida and then North Florida.”

Tuccillo noted that foreclosed and distressed properties will remain a significant part of the Florida market in 2012, but lenders are feeding these properties into the market at a gradual pace rather than pushing them out all at once.

The event also featured a panel of Florida real estate professionals, who discussed the 2012 outlook for several sectors of the state’s real estate market from a practitioner’s point of view. Panelists were Clark Toole, president and COO, Coldwell Banker Residential Real Estate Inc. in Florida, discussing residential real estate; Cynthia Shelton, 2009 president of Florida Realtors and a director at Colliers International in Orlando, discussing the commercial market; and Dean Saunders, accredited land consultant and broker-owner of Coldwell Banker Commercial Saunders Real Estate in Lakeland, covering the market for land and undeveloped property.

Florida Realtors real estate and economic summit was webcast to 32 local association or satellite sites around Florida. “Turnout was high for our statewide event,” said 2011 Florida Realtors President Patricia Fitzgerald, manager/broker-associate with Illustrated Properties in Hobe Sound and Mariner Sands Country Club in Stuart. “We hope to hold more of these forums on a regular basis – sharing knowledge of market trends is a powerful way for our Realtor members to connect with buyers and sellers.”

Annual Rental Naples: 3 bedroom 2 bath house with pool for rent in Golden Gate Estates, $1,450 per month

2011-12-07T13:21:00.001-05:00

Annual Rental: 3 bedroom 2 bath home in Golden Gate Estates - about 1900 sf on 2.75 acres - Large screened lanai with pool - One of the Bedroom have a Murphy Bed

Address: 3191 Golden Gate Blvd. E. Naples, FL 34120

Rent is $1,450.00 Per Month -

Call Al at 239-370-1158 for More Information and Showing

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