Realtors see Ocala sales soar [North Florida]

Realtors see Ocala sales soar [North Florida]

The Ocala housing market got its largest boost in more than a year, when sales of previously occupied homes jumped 63 percent last month compared to a year ago.

The Florida Association of Realtors reported Thursday that sales by its realtors jumped to 311 in June, compared to 191 in June 2008, for the Ocala area.

Bert Meadows, president of the Marion County Association of Realtors, said the report shows that prospective buyers were no longer riding the fence but were starting to take advantage of low interest rates and cuts in home prices.

“We’re beginning to see buyers come out of the woodwork … and they’re making offers,” Meadows said. “I just think we’re getting people that were sitting and waiting and now are deciding to buy.”

Bidding wars break out on homes under $200,000

Bidding wars break out on homes under $200,000 [South Florida]

Bidding wars are returning to South Florida’s housing market, as investors and first-time buyers compete for homes and condominiums listed at $200,000 or less.

The race for properties is reminiscent of the boom years from 2000 to 2005, when multiple offers on all types of dwellings helped push prices to record highs.

Back then, a dearth of properties for sale had buyers rushing to scoop up anything they could find, for fear that prices would keep rising. Now, frustrated with a bloated inventory of foreclosed homes in disrepair, buyers go to great lengths when they spot a house or condo in pristine condition.

“When they find a good listing, people are pouncing,” said Terry Story, a real estate agent for Coldwell Banker in Broward and Palm Beach counties.

Association must lien and foreclose to get unpaid fees

Association must lien and foreclose to get unpaid fees

Question: I have three condominiums in different locations. One is paid for, which is my residence, and the other two are rentals that are upside down with the current real estate market. I stopped paying the mortgages and HOA dues on the rentals two months ago. The condominium has filed a lien on one of my units. I owe the bank $445,000 and the property value is down to around $350,000. Can a condominium association foreclose on a property that is upside down? Why would they? What can I tell my renters who are scared of being evicted? — G.M., Miami Beach

Answer: Yes, the association can foreclose on your property and I highly recommend that they take fast action. Condominiums must lien and foreclose to make the unit start paying the fees. This action enables the association to take title to the unit and start recovering losses and start paying fees. Once they have title they have several options, including renting the unit. They can collect the rent to recover their loss. They can sell the property even if it has a mortgage. Keep in mind that most association foreclosures will eliminate the second mortgage. They can ask the bank to agree to a short sale. One other way the association can cut their loss short is to deed the property to the bank if the bank will agree.

Mortgage-aid plan limping along

Mortgage-aid plan limping along

Struggling homeowners were given hope when a federal housing initiative to help millions avoid foreclosure was announced by President Barack Obama in Mesa four months ago.

The key part of the $75 million Making Home Affordable plan was a loan-modification program that compensated lenders for lowering the mortgage payments of borrowers who were making less money because of the recession. The government offered banks and borrowers bonuses for making loan modifications work. Most of the big lenders agreed to participate.

So far the plan isn’t working as anticipated. Many eligible Valley homeowners can’t reach anyone at their lender who will work with them. More people are losing their jobs, which makes them ineligible for the government-backed program. For many of those who did get a modified payment, there was a harsh discovery. Modifications often were made on a three-month trial basis, and now lenders are revoking the terms – sometimes even when payments are met – and leaving some homeowners with the old payments they can’t afford.

Lenders’ latest foreclosure strategy: waiting

Lenders’ latest foreclosure strategy: waiting

Across Florida, tens of thousands of foreclosed homes are being left in limbo, between homeowners who have abandoned them and banks that have not yet taken possession of them.

Over the past year, banks and other lenders have canceled up to 50 percent of foreclosure sales in some parts of the state, adding to a growing stockpile of unclaimed homes.

Experts fear the trend could slow the recovery of the housing market and pile more problems upon condo and homeowners associations that depend upon fees to keep up common areas and other facilities.

“It’s another facet continuing the downward pricing pressures on the housing market,” said Jack McCabe, a Deerfield Beach-based real estate consultant who was one of the first to predict the housing downturn.

4 families rebuilding finances post-foreclosure

4 families rebuilding finances post-foreclosure

Even after a sheriff’s sale, the financial and emotional strains that surround a foreclosure are rarely over.

For the past six months, the Associated Press has followed four families who lost their homes in the past year. Three of them are regaining their financial footing, but one has sunk deeper into poverty and depression.

There have been more than 1.6 million foreclosures since the beginning of 2007, according to RealtyTrac. Today, a record 12% of American homeowners with a mortgage are either behind on their payments or facing foreclosure. And that record is expected to be broken repeatedly for another year, depending on how many people lose their jobs in the recession.

Job or income loss remains the No. 1 reason people fall behind on their mortgages, followed by excessive debts and illness in the family, according to a survey by Freddie Mac.