Click on title to see full article.
VENICE - Florida Community Bank -- the institution that had lent $21 million to troubled Venice home builder Jacques Cloutier -- was closed by state and federal regulators on Friday.
The bank, which operated branches in Port Charlotte and Punta Gorda, was closed by the Florida Office of Financial Regulation and immediately sold to Premier American Bank of Miami, a bank newly formed from the ashes of another that failed last week.
The Friday closing was Florida's second bank failure of 2010 and will cost the federal fund for such institutions $352.6 million.
Florida Community was one of the only lenders that had not foreclosed on Cloutier, the owner of one of the region's largest builders, J&J Homes.
Sunday, January 31, 2010
Quicker "Non-Judicial" Foreclosures and Evictions Coming to Florida
Click on title to see the complete article.
If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months.
The Florida Bankers Association, the 400-member-strong lenders' lobby, has presented state legislators with a bill to upend decades of Florida law and establish "non-judicial" foreclosures in Florida by July 1.
What's a non-judicial foreclosure? Banks would accelerate foreclosures against defaulting homeowners by bypassing the courts. Judges would no longer rule on foreclosure cases.
Some states — 37 in fact — already grant that fast-track foreclosure authority, including California, Georgia, Alabama and Texas. But Florida, with its plethora of vacation and retiree homes, has always been big on homeowner rights.
Non-judicial foreclosures must conclude in no less than three months and no more than a year. Most Florida foreclosures take a year to 18 months to work through the courts these days, longer if a lawyer fights a successful rear guard action. So in 90 days banks can theoretically auction the home out from under you.
If bankers get their way, Floridians facing foreclosure could be kicked out of their homes in as little as three months.
The Florida Bankers Association, the 400-member-strong lenders' lobby, has presented state legislators with a bill to upend decades of Florida law and establish "non-judicial" foreclosures in Florida by July 1.
What's a non-judicial foreclosure? Banks would accelerate foreclosures against defaulting homeowners by bypassing the courts. Judges would no longer rule on foreclosure cases.
Some states — 37 in fact — already grant that fast-track foreclosure authority, including California, Georgia, Alabama and Texas. But Florida, with its plethora of vacation and retiree homes, has always been big on homeowner rights.
Non-judicial foreclosures must conclude in no less than three months and no more than a year. Most Florida foreclosures take a year to 18 months to work through the courts these days, longer if a lawyer fights a successful rear guard action. So in 90 days banks can theoretically auction the home out from under you.
Friday, January 29, 2010
Banks Pursuing Deficiency Judgements on Short Sales and Walkaways
The following article from Bloomberg is very important if you are doing a short sale in Florida. When doing a short sale make sure an attorney reviews the documents to insure the bank is waiving it's rights to a deficiency judgement.
NEW YORK – Jan. 29, 2010 – Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former homeowners who walked away from their properties or sold them in short sales.
Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn’t paid.
About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but homeowners usually waive that protection in a refinance.
Most states allow collection on unpaid home-equity loans.
Banks are most likely to try to collect from people who walk away from a property on which they are still making payments.
“The bank is going to pull your credit report, and if you’re current on your other bills, they are going to come after you and potentially ruin you,” said Larry Tolchinsky, a Florida real estate attorney.
Source: Bloomberg, Kathleen M. Howley (01/28/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
NEW YORK – Jan. 29, 2010 – Increasingly aggressive mortgage lenders are seeking to collect deficiencies from former homeowners who walked away from their properties or sold them in short sales.
Many states, including Florida, give mortgage holders as long as five years to seek a deficiency judgment. If granted, the bank gets up to 20 years to collect and the option to renew for another 20 years if the debt isn’t paid.
About one-third of U.S. states, including California and Arizona, prohibit collection efforts after foreclosure, but homeowners usually waive that protection in a refinance.
Most states allow collection on unpaid home-equity loans.
Banks are most likely to try to collect from people who walk away from a property on which they are still making payments.
“The bank is going to pull your credit report, and if you’re current on your other bills, they are going to come after you and potentially ruin you,” said Larry Tolchinsky, a Florida real estate attorney.
Source: Bloomberg, Kathleen M. Howley (01/28/2010)
© Copyright 2010 INFORMATION, INC. Bethesda, MD (301) 215-4688
Wednesday, January 27, 2010
Honore Avenue to Become Third North-South Route in Sarasota County
Click on title to see full article and a map of the project.
For serious land investors in Sarasota County the following article is very important.
The long-awaited completion of Honore Avenue's 19 miles from Manatee County to Venice finally has a completion date: September 2013.
Plans to turn Honore Avenue into a third north-south road to complement Interstate 75 and U.S. 41 have been on the books nearly 50 years. But until the recent depression in road construction costs, county officials had considered the Honore project as something that would take decades to complete.
"I didn't think I'd see it in my lifetime," said Commissioner Nora Patterson.
The final 3.7-mile segment of Honore will use more than a mile of the southbound lanes of Interstate 75, which are being abandoned by the state as part of its project to widen the interstate to six lanes and shift the highway to the east. The I-75 project is scheduled to be done by March 2012.
That stretch of I-75 will be turned into a two-lane section of Honore.
Three years ago the county estimated it would cost perhaps $90 million to acquire the land and build the last segment. But most of the land needed was acquired for $11 million from the state as part of its plan to shift the interstate to the east.
Meanwhile, construction costs plummeted and last year county engineers estimated the last segment could be built for $14 million.
But Palmer Ranch Holdings, which started construction on the second-to-last segment of Honore in December, has agreed to build the northern third of the final segment as well. The county will pay $2.6 million for that 1.2-mile stretch. Based on that figure, costs for the final two-thirds of the project could be much lower than expected, said Jim Harriott, the county's director of public works.
"It could come down quite a bit from that," Harriott said of last year's $14 million estimate.
For serious land investors in Sarasota County the following article is very important.
The long-awaited completion of Honore Avenue's 19 miles from Manatee County to Venice finally has a completion date: September 2013.
Plans to turn Honore Avenue into a third north-south road to complement Interstate 75 and U.S. 41 have been on the books nearly 50 years. But until the recent depression in road construction costs, county officials had considered the Honore project as something that would take decades to complete.
"I didn't think I'd see it in my lifetime," said Commissioner Nora Patterson.
The final 3.7-mile segment of Honore will use more than a mile of the southbound lanes of Interstate 75, which are being abandoned by the state as part of its project to widen the interstate to six lanes and shift the highway to the east. The I-75 project is scheduled to be done by March 2012.
That stretch of I-75 will be turned into a two-lane section of Honore.
Three years ago the county estimated it would cost perhaps $90 million to acquire the land and build the last segment. But most of the land needed was acquired for $11 million from the state as part of its plan to shift the interstate to the east.
Meanwhile, construction costs plummeted and last year county engineers estimated the last segment could be built for $14 million.
But Palmer Ranch Holdings, which started construction on the second-to-last segment of Honore in December, has agreed to build the northern third of the final segment as well. The county will pay $2.6 million for that 1.2-mile stretch. Based on that figure, costs for the final two-thirds of the project could be much lower than expected, said Jim Harriott, the county's director of public works.
"It could come down quite a bit from that," Harriott said of last year's $14 million estimate.
Tuesday, January 26, 2010
Full Year 2009 Sales Statistics for Single Family Homes in Florida by Metropolitan Area
Click on the title to see the chart.
Statewide 2009 sales were up 31% and median prices were down 24%. There are significant variations by metro area with Fort Myers/Cape Coral leading both the sales increase and the price decline. The lowest sales increase and price decline was in Pensacola.
Statewide 2009 sales were up 31% and median prices were down 24%. There are significant variations by metro area with Fort Myers/Cape Coral leading both the sales increase and the price decline. The lowest sales increase and price decline was in Pensacola.
Housing sales leap in Southwest Florida
Click on title to see the full article from the Sarasota Herald Tribune.
Sales of previously occupied homes took the largest monthly drop in more than 40 years last month across the nation, but Southwest Florida bucked the trend -- in a big way
Home sales in the Sarasota-Bradenton market rose 43 percent while Charlotte County-North Port saw a 42 percent increase, the Florida Association of Realtors reported Monday.
Sales also were up month-to-month in both areas while the nation as a whole saw a nearly 17 percent drop.
"The buyers are turning out and buying houses in large numbers because they have become so cheap," Brad Hunter, the West Palm Beach-based national chief economist for the housing market information provider Metrostudy, told the Herald-Tribune. "Prices have fallen the most sharply in Southwest Florida."
Year-end data showed prices dropped 29 percent in Sarasota-Bradenton and 25 percent in Charlotte County-North Port.
"These purchases are driven by a new group of investors largely dissimilar to the first group of investors who got us into this trouble," Hunter said. "These investors are buying on fundamentals. They are cash investors, and that's good."
Despite a year of declines, December prices in Sarasota-Bradenton were up 5 percent from a year ago and up 4.6 percent from November. The median -- the midpoint between the highest and lowest price -- was $167,400 last month.
In Charlotte County-North Port, the median rose 9 percent to $111,800 from $102,400 a year ago. The price was up 11.8 percent from $100,000 in November.
Statewide, sales rose 33 percent to 14,630 from 11,013 a year ago. There were 14,026 sales in November. The median was $140,400, down 10 percent from $155,300 in December but up about 1 percent from $139,000 in November.
In Punta Gorda, Sun Realty's Bob Gray also said the region's statistics bucked the national December trend because of affordability. "The weather is great, the taxes are reasonable when compared to other parts of the country, and home prices are where they were 10 or 15 years ago," Gray said. "I see investors giving us a big look."
Nationally, December home sales plunged far lower than the 10 percent decline analysts expected even after lawmakers gave buyers extended time to use a tax credit. Buyers were no longer scrambling to qualify for the $8,000 credit that had been due to expire on Nov. 30, but was extended to April 30.
Sales of previously occupied homes took the largest monthly drop in more than 40 years last month across the nation, but Southwest Florida bucked the trend -- in a big way
Home sales in the Sarasota-Bradenton market rose 43 percent while Charlotte County-North Port saw a 42 percent increase, the Florida Association of Realtors reported Monday.
Sales also were up month-to-month in both areas while the nation as a whole saw a nearly 17 percent drop.
"The buyers are turning out and buying houses in large numbers because they have become so cheap," Brad Hunter, the West Palm Beach-based national chief economist for the housing market information provider Metrostudy, told the Herald-Tribune. "Prices have fallen the most sharply in Southwest Florida."
Year-end data showed prices dropped 29 percent in Sarasota-Bradenton and 25 percent in Charlotte County-North Port.
"These purchases are driven by a new group of investors largely dissimilar to the first group of investors who got us into this trouble," Hunter said. "These investors are buying on fundamentals. They are cash investors, and that's good."
Despite a year of declines, December prices in Sarasota-Bradenton were up 5 percent from a year ago and up 4.6 percent from November. The median -- the midpoint between the highest and lowest price -- was $167,400 last month.
In Charlotte County-North Port, the median rose 9 percent to $111,800 from $102,400 a year ago. The price was up 11.8 percent from $100,000 in November.
Statewide, sales rose 33 percent to 14,630 from 11,013 a year ago. There were 14,026 sales in November. The median was $140,400, down 10 percent from $155,300 in December but up about 1 percent from $139,000 in November.
In Punta Gorda, Sun Realty's Bob Gray also said the region's statistics bucked the national December trend because of affordability. "The weather is great, the taxes are reasonable when compared to other parts of the country, and home prices are where they were 10 or 15 years ago," Gray said. "I see investors giving us a big look."
Nationally, December home sales plunged far lower than the 10 percent decline analysts expected even after lawmakers gave buyers extended time to use a tax credit. Buyers were no longer scrambling to qualify for the $8,000 credit that had been due to expire on Nov. 30, but was extended to April 30.
Sunday, January 24, 2010
Timing is Everthing in Real Estate-Tax Credit for Repeat Buyers Expires Soon
From today's Herald Tribune
"If you've been holding back on getting involved with the new $6,500 federal tax credit for repeat home purchases, there's no more excuse for inaction. You now have all the official IRS guidance you'll need to go out and buy a house, qualify for the credit, and pocket the $6,500.
"That's because the IRS finally published the rules for the repeat purchase credit along with the key details for taxpayers that had been missing since President Obama signed the legislation creating the program on Nov. 6."
Click on title to see the complete article.
Interest rates are at generational lows, prices are low, and the government will give you a $6,500 tax credit. What are you waiting for?
"If you've been holding back on getting involved with the new $6,500 federal tax credit for repeat home purchases, there's no more excuse for inaction. You now have all the official IRS guidance you'll need to go out and buy a house, qualify for the credit, and pocket the $6,500.
"That's because the IRS finally published the rules for the repeat purchase credit along with the key details for taxpayers that had been missing since President Obama signed the legislation creating the program on Nov. 6."
Click on title to see the complete article.
Interest rates are at generational lows, prices are low, and the government will give you a $6,500 tax credit. What are you waiting for?
Friday, January 22, 2010
Economist Sees Hard year ahead for Sarasota region
Click on title to see full article.
BRADENTON - Economist Hank Fishkind predicts 2010 will be "an ugly year for foreclosures" in the Sarasota-Bradenton area and across Florida, putting further pressure on home prices, and that new housing starts will be "miserable."
Fishkind told a gathering of the Manatee Economic Development Council on Thursday that thousands of more jobs were likely to disappear this year in Southwest Florida.
But the economist with Orlando-based Fishkind & Associates predicted that the situation on those fronts would improve in 2011, and that signs of recovery may begin to take place later this year.
Fishkind joined a growing chorus of economists who expect a surge in foreclosure filings this year that they say will eclipse the large numbers for 2009.
Collectively, Southwest Florida finished 2009 with 27,129 properties in some stage of foreclosure, a 20 percent increase from 2008, according to data from California-based RealtyTrac Inc.
A flood of new foreclosures could further weigh down the market with increased housing inventory and thus continue to put pressure on home values.
Fishkind said the largest concentration of foreclosures will take place in the early part of this year.
BRADENTON - Economist Hank Fishkind predicts 2010 will be "an ugly year for foreclosures" in the Sarasota-Bradenton area and across Florida, putting further pressure on home prices, and that new housing starts will be "miserable."
Fishkind told a gathering of the Manatee Economic Development Council on Thursday that thousands of more jobs were likely to disappear this year in Southwest Florida.
But the economist with Orlando-based Fishkind & Associates predicted that the situation on those fronts would improve in 2011, and that signs of recovery may begin to take place later this year.
Fishkind joined a growing chorus of economists who expect a surge in foreclosure filings this year that they say will eclipse the large numbers for 2009.
Collectively, Southwest Florida finished 2009 with 27,129 properties in some stage of foreclosure, a 20 percent increase from 2008, according to data from California-based RealtyTrac Inc.
A flood of new foreclosures could further weigh down the market with increased housing inventory and thus continue to put pressure on home values.
Fishkind said the largest concentration of foreclosures will take place in the early part of this year.
Tuesday, January 19, 2010
Screw the Bank? By All Means
Click on the title to see the full article.
This doesn't directly deal with land investment but I found it to be very informative.
This doesn't directly deal with land investment but I found it to be very informative.
Monday, January 18, 2010
The North Port Thomas Ranch Real Estate Disaster Continues to Unfold
Accrding to the Port Charlotte Sun Herald (see article below), the Publix shopping center at the Thomas Ranch has been put on hold. The whole Thomas Ranch project is increasingly becoming a disaster for all participants. Then combine this with the collapse of Pulte's Sarasota National project next door, you have a world of hurt for the zone straddling US 41 between Jacaranda Blvd and River Road.
"NORTH PORT -- The downturn in the economy has led to troubled times for Thomas Enterprises, the largest developer in the West Villages Improvement District.
"City officials say a representative for the developer -- Stan Thomas of Newnan, Ga. -- recently retrieved plans for a Publix supermarket that was scheduled to be built in The Prado at the West Villages, a shopping center proposed for U.S. 41 on the west end of North Port.
"That project, which Thomas Enterprises spokesman Bruce Williams said several months ago was to begin in January, has now been delayed due to the downturn in the economy and the lack of residential construction in the area, according to Publix spokesperson Shannon Patten."
For more, see Monday's Sun or E-Edition
"NORTH PORT -- The downturn in the economy has led to troubled times for Thomas Enterprises, the largest developer in the West Villages Improvement District.
"City officials say a representative for the developer -- Stan Thomas of Newnan, Ga. -- recently retrieved plans for a Publix supermarket that was scheduled to be built in The Prado at the West Villages, a shopping center proposed for U.S. 41 on the west end of North Port.
"That project, which Thomas Enterprises spokesman Bruce Williams said several months ago was to begin in January, has now been delayed due to the downturn in the economy and the lack of residential construction in the area, according to Publix spokesperson Shannon Patten."
For more, see Monday's Sun or E-Edition
Flipping in Florida, Fun & Profitable
Click on title to see the full article.
While most Southwest Florida residents were still licking their wounds from the dramatic downturn in the residential real estate market, Stan Pinkus and Jeff Twigg have been busy making money.
Since August 2008, they have bought, fixed up and resold at least 22 houses from North Port to Parrish, raking in more than $1.2 million in the process.
Realtors familiar with the way Pinkus and Twigg operate say the prolific investors usually repaint the houses they buy inside and out, lay ceramic tile floors and install new appliances before putting the homes back on the market.
"Down here in south county, we have a number of abandoned houses that have not been dealt with. I'd say there is one on almost every block," said Kelly Ann Ayers, an agent with Keller Williams in Venice. "The banks that foreclosed on them don't even know or care about the condition. That is the kind of house that Stan Pinkus and Jeff Twigg are saving."
While most Southwest Florida residents were still licking their wounds from the dramatic downturn in the residential real estate market, Stan Pinkus and Jeff Twigg have been busy making money.
Since August 2008, they have bought, fixed up and resold at least 22 houses from North Port to Parrish, raking in more than $1.2 million in the process.
Realtors familiar with the way Pinkus and Twigg operate say the prolific investors usually repaint the houses they buy inside and out, lay ceramic tile floors and install new appliances before putting the homes back on the market.
"Down here in south county, we have a number of abandoned houses that have not been dealt with. I'd say there is one on almost every block," said Kelly Ann Ayers, an agent with Keller Williams in Venice. "The banks that foreclosed on them don't even know or care about the condition. That is the kind of house that Stan Pinkus and Jeff Twigg are saving."
Thursday, January 14, 2010
Sarasota Foreclosures Up Sharply
Click on title to see the full Herald Tribune article.
One of every 19 homeowners in Manatee and Sarasota counties received a foreclosure notice last year, a total that pushed Florida to third in the nation for its distressed property rate.
It was even worse in Charlotte County: One in every 15 homeowners fell behind in their payments.
Collectively, Southwest Florida finished 2009 with 27,129 properties in some stage of foreclosure, a 20 percent increase from 2008.
The year also ended with a pair of other ominous indicators: the number of homes repossessed by banks spiked at the same time that December's foreclosure filings in Sarasota County were up 42 percent from November and 49 percent from a year ago, California-based RealtyTrac Inc. reported Wednesday.
There were 447 Sarasota County homes repossessed by their lenders in December, compared with 97 in November. The December figure was the fourth highest in the state.
Those repossessions went through the courts run by 12th Circuit Chief Judge Lee Haworth, who has been dealing with the crisis through a "rocket docket," in which up to 300 cases move through the courts each day.
One of every 19 homeowners in Manatee and Sarasota counties received a foreclosure notice last year, a total that pushed Florida to third in the nation for its distressed property rate.
It was even worse in Charlotte County: One in every 15 homeowners fell behind in their payments.
Collectively, Southwest Florida finished 2009 with 27,129 properties in some stage of foreclosure, a 20 percent increase from 2008.
The year also ended with a pair of other ominous indicators: the number of homes repossessed by banks spiked at the same time that December's foreclosure filings in Sarasota County were up 42 percent from November and 49 percent from a year ago, California-based RealtyTrac Inc. reported Wednesday.
There were 447 Sarasota County homes repossessed by their lenders in December, compared with 97 in November. The December figure was the fourth highest in the state.
Those repossessions went through the courts run by 12th Circuit Chief Judge Lee Haworth, who has been dealing with the crisis through a "rocket docket," in which up to 300 cases move through the courts each day.
Tuesday, January 12, 2010
Sarasota Association of Realtors December Sales Statistics
Click on the title to see the report.
It is dramactic how sales have picked up and inventories have dropped over the last twelve months.
It is dramactic how sales have picked up and inventories have dropped over the last twelve months.
Monday, January 11, 2010
Florida Interactive Map
Click on the title to see the map.
This is a great little device to help you get to know Florida better.
This is a great little device to help you get to know Florida better.
Friday, January 8, 2010
Fannie Mae to ease condo mortgage restrictions in Florida
Click title to see full article.
Many condos in Florida are very dificult to sell because Fannie Mae and Freddie Mac won't finance the buyers. Supposedly the actions described below will ease these restrictions.
WASHINGTON – Jan. 8, 2010 – Fannie Mae announced yesterday that it would comprehensively review hundreds of condominium projects in Florida. Through a new “Special Approval” designation, Fannie hopes to streamline mortgage approvals for projects that don’t currently fit Fannie Mae guidelines even though they present limited risk to the company.
Florida Realtors strongly urged Fannie Mae to revisit its lending program in the condo market, and it consulted a number of Florida Realtors as it developed the program, including Florida Realtors® Vice President Summer Greene, regional manager with Prudential Florida 1st Realty in Fort Lauderdale.
“This is good news for Florida and a step in the right direction for the state’s condominium market,” Greene says. “Hopefully, with the special approval designation process, we can begin to get our condo inventories reduced and absorbed as more condo buyers receive a green light from lenders for loans. This will help boost confidence in the market.”
Fannie Mae and its cousin, Freddie Mac, back more than half of all U.S. mortgages. As the Fannie Mae initiative develops and gains momentum, Greene hopes it provides incentive for Freddie Mac to follow suit
Many condos in Florida are very dificult to sell because Fannie Mae and Freddie Mac won't finance the buyers. Supposedly the actions described below will ease these restrictions.
WASHINGTON – Jan. 8, 2010 – Fannie Mae announced yesterday that it would comprehensively review hundreds of condominium projects in Florida. Through a new “Special Approval” designation, Fannie hopes to streamline mortgage approvals for projects that don’t currently fit Fannie Mae guidelines even though they present limited risk to the company.
Florida Realtors strongly urged Fannie Mae to revisit its lending program in the condo market, and it consulted a number of Florida Realtors as it developed the program, including Florida Realtors® Vice President Summer Greene, regional manager with Prudential Florida 1st Realty in Fort Lauderdale.
“This is good news for Florida and a step in the right direction for the state’s condominium market,” Greene says. “Hopefully, with the special approval designation process, we can begin to get our condo inventories reduced and absorbed as more condo buyers receive a green light from lenders for loans. This will help boost confidence in the market.”
Fannie Mae and its cousin, Freddie Mac, back more than half of all U.S. mortgages. As the Fannie Mae initiative develops and gains momentum, Greene hopes it provides incentive for Freddie Mac to follow suit
Thursday, January 7, 2010
How the Florida Foreclosure Mills Work, Making Money off of Misery
Click on the title to see the article.
There four big law firms running foreclosure practices on a factory basis. This is a very interesting article about how they operate. If you are considering fighting a foreclosure, you should understand this system.
There four big law firms running foreclosure practices on a factory basis. This is a very interesting article about how they operate. If you are considering fighting a foreclosure, you should understand this system.
Walk Away From Your Mortgage!-New York Times
Click on title to see the article.
Given that half or more of the mortgages in Florida are underwater, the issues raised in this article have high levels of relevance.
Given that half or more of the mortgages in Florida are underwater, the issues raised in this article have high levels of relevance.
Alternate Theory to Pending Home Sales Plunge
Click on the title to see the article.
This is a great article that explains well what is happening with both the foreclosure and short sale inventories. It also explains why the supply of foreclosures has dried up.
This is a great article that explains well what is happening with both the foreclosure and short sale inventories. It also explains why the supply of foreclosures has dried up.
Tuesday, January 5, 2010
All New Foreclosures of Primary Residences in Florida Must be Mediated
Click the title to see the full article. This order will probably slow the flow of new foreclosures hitting the resale market in 2010.
TAMPA, Fla. – Jan. 5, 2009 – Florida homeowners facing foreclosure may soon get one last chance to negotiate with lenders trying to take back their homes.
The Florida Supreme Court issued an administrative order last week that requires a third-party mediation program with all new foreclosure lawsuits involving primary residences.
The goal of the order, written by Chief Justice Peggy Quince, is to help handle the state’s glut of foreclosures. An estimated 456,000 foreclosure cases statewide are clogging the court system, she said.
Florida has the third-highest mortgage delinquency rate in the nation, according to the order. “The crisis continues unabated,” Quince wrote.
TAMPA, Fla. – Jan. 5, 2009 – Florida homeowners facing foreclosure may soon get one last chance to negotiate with lenders trying to take back their homes.
The Florida Supreme Court issued an administrative order last week that requires a third-party mediation program with all new foreclosure lawsuits involving primary residences.
The goal of the order, written by Chief Justice Peggy Quince, is to help handle the state’s glut of foreclosures. An estimated 456,000 foreclosure cases statewide are clogging the court system, she said.
Florida has the third-highest mortgage delinquency rate in the nation, according to the order. “The crisis continues unabated,” Quince wrote.
It's Time to File for Homestead Exemptions in Florida
Click on title to see article.
There are very important advantages to having your primary home homesteaded in Florida. These include lower property taxes, protection against increased assessments, and protection against creditors. To get an exemption, you have to apply before the end of February.
There are very important advantages to having your primary home homesteaded in Florida. These include lower property taxes, protection against increased assessments, and protection against creditors. To get an exemption, you have to apply before the end of February.
Monday, January 4, 2010
Sarasota and Charlotte County December, 2009 Sales Quick Summary
SARASOTA County
---------------
Sarasota County had 747 residential sales in December, 2009 compared with 592 in December, 2008. There are currently 6,772 active residential listings in Sarasota County.
The Sarasota totals include 117 foreclosure sales in 12/2009 compared to 194 in 12/2008. Currently there are 248 active foreclosure listings.
CHARLOTTE County
----------------
Charlotte County had 360 residential sales in December, 2009 compared with 251 in December, 2008. There are currently 3,593 active residential listings in Charlotte County.
Charlotte had 106 foreclosure sales in December, 2009 compared to 91 in December, 2008.
In both counties inventories are declining quickly and prices are firming up.
---------------
Sarasota County had 747 residential sales in December, 2009 compared with 592 in December, 2008. There are currently 6,772 active residential listings in Sarasota County.
The Sarasota totals include 117 foreclosure sales in 12/2009 compared to 194 in 12/2008. Currently there are 248 active foreclosure listings.
CHARLOTTE County
----------------
Charlotte County had 360 residential sales in December, 2009 compared with 251 in December, 2008. There are currently 3,593 active residential listings in Charlotte County.
Charlotte had 106 foreclosure sales in December, 2009 compared to 91 in December, 2008.
In both counties inventories are declining quickly and prices are firming up.
Sunday, January 3, 2010
Condo Catch 22 Economics
Some of the worst excesses of the real estate debacle were apartment complexes converted to condos. Click the title to see an article on the effects of this in Sarasota.
New York Times Article on Cape Coral
Cape Coral is ground zero for the real estate bust on the West Coast of Florida. Neither Sarasota nor Charlotte County have the magnitude of disaster that occurred in Cape Coral in Lee County. Click on the title to see the article.
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