Do you need to miss payments in order to qualify for a short sale? What if you have good credit and have not had any late payments? If a homeowner has already missed payments of any kind, then lenders can look at credit reports for a clear pattern of financial distress. If payments have not been missed, however, lenders need some evidence that a financial hardship is on the horizon. … [Read more...]
What is happening with home sales in Northwest Hillsborough's 33626 zip code? This popular Tampa Bay community contains 3,373 single family homes in neighborhoods such as: Westchase, Waterchase, Highland Park, Fawnridge, Twin Brach, West Hampton, Westchester and Westwood Lakes. According to Tampa MLS data, there are 146 single family homes for sale in the 33626 area. Of the homes for sale, … [Read more...]
We have another closing on a Bank of America short sale today! The good news is that Bank of America continues to improve their short sale process and homeowners continue to benefit. We have seen Bank of America reduce paperwork and align their internal programs (Cooperative Short Sale Program) with government inititives such as the Home Affordable Foreclosure Alternatives (HAFA) Program, see … [Read more...]
While not as well known as Case-Shiller, OFHEO or CoreLogic, we also follow the Clear Capital HDI Market Report for Tampa Bay real estate data. The Clear Capital HDI Market Report shows downward pricing trends (peak, trough, secondary trough and tax credit run-ups) in home prices and an increasing of double scenario for many housing markets throughout the nation. “In terms of home prices, … [Read more...]
We've seen a series of stories about strength in the luxury housing market such as "Who's buying homes - The rich" that cry out for fact checking. How well does this CNN template hold up? Do these national stories apply to the Tampa Bay luxury home market? Are million dollar homes selling quickly? According to MLS data, there are 632 homes for sale for over $1,000,000 in Hillsborough, Pasco … [Read more...]
What is happening with home sales in New Tampa? Rather than relying on National Association of Realtor data, what are the 33647 zip code sales numbers? Our “Year Over Year” report measures the number of home sales each month and compares it with the same month from previous years. While seasonality and previous tax incentives impact the data, distress sales (forecloses / short sales) and … [Read more...]
Buyer inertia is a major factor in the Tampa Bay real estate market today. Low interest rates and massive price drops make the average Tampa home cost half of what it did in 2006 (in terms of monthly mortgage payments), yet home buyers can't seem to get motivated. We'll address this in future posts, but yesterday's blog by Seth Godin had an interesting way to frame the issue facing Tampa home … [Read more...]
Once a "short sale" finally goes under contract, how long can you expect to wait for a lender's decision? A recent Deutsche Bank study looked at the short sale approval process of mortgage servicers. The report found that time frames vary by loan type. For prime loans, GMAC completed short sales the fastest - averaging roughly six months per transaction. Citigroup’s CitiMortgage took … [Read more...]
As of July 2010, government programs to reduce mortgage payments for millions of homeowners have helped only about 400,000 households avoid foreclosure, though nearly 530,000 have fallen out of the program. While the bailout set aside up to $50 billion for mortgage modification programs, only $248 million has been spent according to the Government Accountability Office. … [Read more...]
Worry does not empty tomorrow of its sorrow; it empties today of its strength. - Corrie Ten Boom A record 48% of Florida mortgage holders are underwater according to a Wall Street Journal article. The Tampa Bay economy and housing market have brought many homeowners from security to uncertainty. Many of us who bought or re-financed during the boom years have seen our equity, hopes and options … [Read more...]
