10 Best and Worst Markets for Real Estate Investors

10 Best and Worst Markets for Real Estate Investors – Developments

Tulsa, Okla., Albany, N.Y. and San Diego, Calif. have shot onto the list of the 10 best markets for conservative residential real-estate investors, according to an updated report by Local Market Monitor, Inc. Since its earlier ranking in August, Phoenix and Naples, Fla. are no longer among the most dangerous markets for investors, the company says.

The Cary, N.C. firm, which analyzes trends for lenders, builders and investors, compiled its newest Investor Suitability report using data through Sept. 30 for 315 U.S. markets. The firm is known for its housing-market forecasts using “equilibrium” home prices, what home values probably should be in relation to population, job growth and income. Knoxville, Tenn., and Greenville, S.C. dropped down the list of favorable markets.

The report excludes towns with less than 200,000 residents and focuses on price-appreciation rather than rental income. High-ranking areas for investor suitability are places where there’s a positive three-year home price forecast, employment is stable and only a small share of jobs are in highly volatile industries such as construction and financial services. The best markets for conservative investors show signs of price stabilization; dangerous markets are those where it appears prices will fall further and probably won’t turn around soon because of poor local economies. Speculative markets are those with higher upside potential, but more risk.

Wiregrass Ranch owners look to future [Tampa Bay Florida]

Wiregrass Ranch owners look to future [Tampa Bay Florida]

During the housing boom, the Porter family made big plans for Wiregrass Ranch: thousands of homes; acres upon acres of shopping and office space; a hospital; a college and even a golf course.

The housing collapse cost the Porters their development deal with Pulte Home Corp., which signed on during the boom as Wiregrass’ master developer. When Pulte walked away in 2008, it left the Porters to ponder their future.

“That was the best thing that could have happened to Wiregrass,” said J.D. Porter, the 31-year-old great-grandson of the ranch’s founder. “It allowed us to make some changes to the property during a downtime.”

With his father, Don Porter, and uncles behind him, J.D. Porter is emerging as the chief architect of the ranch’s future. He can talk at length about how Wiregrass’ spot on the landscape of the Tampa Bay area makes it the ideal place for the economic recovery to begin in Pasco County.

Lost in the System That Took the House [Central Florida]

Lost in the System That Took the House [Central Florida]

Luis Fernandez’s foreclosure documents never looked quite right.

Critical papers regarding his Orlando home were missing dates, and some signatures appeared to him to be forged. The mortgage had been sold so often — including once in the middle of the foreclosure process — that at times it was hard to tell which company was trying to seize the house. He
challenged the foreclosure in court but failed.

Now, as Fernandez seeks to appeal his eviction and get his home back, he has learned that the law firm representing the banks is under investigation for fabricating foreclosure documents. And his file was signed by Jeffrey Stephan, a document processor who made headlines last week for approving what could be hundreds of thousands of cases without verifying whether the foreclosures were justified.

Fernandez says he longs for the days when homeowners knew the bankers holding their mortgage and could work out a compromise when hard times hit. Today, he said, it’s like “fighting a machine.” “You feel like you’re alone and getting beaten up by the system,” said Fernandez, 59, who missed three monthly payments after a heart attack nearly ruined his greeting card business.

J.P. Morgan Chase and GMAC Mortgage halt sales

J.P. Morgan Chase and GMAC Mortgage halt sales

Homeowners facing eviction due to foreclosure proceedings can rest easier for the moment.

Following several adverse court decisions throughout the country and the Florida Attorney General’s well publicized investigation into the Florida Default Law Group, the Law Offices of Marshall C. Watson, P.A.; the Law Offices of David J. Stern, P.A.; and Shapiro & Fishman, LLP., both JP Morgan Chase and GMAC Mortgage have suspended mortgage foreclosure proceedings in 23 states.

While several mortgage lenders have dramatically slowed the pace of foreclosures in favor of short-sales or loan modifications, Chase and GMAC have admitted to rubber-stamping documents without reviewing them in an effort to streamline the foreclosure process for maximum volume and profit.

As state and national law enforcement officials take a closer look at the business practices of Chase and GMAC, these mortgage lenders have suspended foreclosure proceedings in Arizona, California, Colorado, Connecticut, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Michigan, Nevada, New Jersey, New York, Ohio, Oklahoma, Oregon, Texas, Utah, Washington, West Virginia, and Wisconsin.

Special districts struggle against tide of defaults [South Florida]

Special districts struggle against tide of defaults [South Florida]

Waterlefe Golf and River Club developer WCI Communities Inc. went bankrupt in the thick of the real estate bust, leaving residents promises that no drastic changes would occur.

That didn’t prove to be exactly true.

Waterlefe’s golf course was built in 1999 with a $9.5 million bond guaranteed in 2001 by the developer, who paid the annual bond payments and ran the golf course, making up annual operational losses that reached $200,000 in the early years.

When WCI went belly up in 2008, the developer left enough money in reserves to cover two years of bond payments.

System stymies mortgage fix

Homeowners who have spent months trying to work with their mortgage provider to avoid foreclosure are increasingly confused and frustrated.

“I’m madder than hell,” said Alma Miller, 82, who has tried for months to get a loan modification on her Santa Rosa home. “They’re just playing games with me.”

Miller’s anger is shared by a growing number of Sonoma County residents, many who felt financially secure only a few years ago but who have been hit hard by job loss and decimated savings.

via System stymies mortgage fix