News about properties and real estate
South Florida homeowners walking away from underwater mortgages Many South Florida homeowners who can afford to make their mortgage payments are choosing not to, forcing the lender to foreclose. It’s called strategic default. Andres Duque thought he got a real steal when he paid $125,000 for his Little Haiti condo. But four years later, similar …
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Personal finance: What if you don’t pay the mortgage? We all talk about what ifs. One big what if that many South Florida homeowners have today has to do with mortgages. About one-third of South Florida mortgages are underwater, meaning the homeowners owe more than the home is worth at today’s depressed prices, according to …
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`Shadow market’ clouds housing recovery A new study of homes likely to be put on the market for sale suggests S. Florida’s housing market will see more price declines just as values have been appearing to stabilize. The number of properties on the market may be much larger than anyone thought and appears likely to …
Feared flood of foreclosures in California may be averted Signs are emerging that a much-feared escalation of California home foreclosures may not happen, as banks respond to government pressure and scale back their repossessions of troubled properties. Statewide, the number of homes taken back by lenders dropped sharply in the three months ended Sept. 30, …
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Note Deals Take Off in South Florida When Robert Lechter heard Banco Popular North America was selling a note secured by a recently completed condo tower in Miami’s Brickell area, he knew it was no time to be timid. Lechter says he won the bidding with a $10.2-million offer for an $18-million note secured by …
Foreclosure crisis far from over for South Florida If you think the torrent of foreclosures affecting every city and nearly every neighborhood and street in South Florida is as bad as it can get, here is a harsh new reality: There’s a new wave of foreclosures making its way through the courts that has nothing …
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