New foreclosure cases dropped sharply in South Florida last year — more momentum for a healing housing market.
Broward had 6,287 filings in 2014, a 42 percent decline from 2013, according to the RealtyTrac listing firm. Palm Beach County had 3,920 filings, down 55 percent from a year earlier. The two counties still have elevated levels of scheduled auctions, when a judge sets a date for a home to be repossessed. But most of those are cases initiated during the housing collapse, said Daren Blomquist, vice president of RealtyTrac, based in Irvine, Calif.
In fact, three-quarters of the home loans currently in some stage of foreclosure across Palm Beach, Broward and Miami-Dade counties were originated from 2004 to 2008, Blomquist said. RealtyTrac monitors public records for three types of foreclosure filings: new cases, scheduled auctions and bank repossessions. “Florida is definitely out of the crisis mode,” Blomquist said. “We’re still dealing with the cleanup from the crisis, and we expect that to be over by the end of this year.”
Blomquist predicts another wave of new cases this year as lenders become more comfortable with the requirements of a foreclosure law that went into effect in 2013. But he said the surge won’t be enough to derail the housing recovery — and it may even be a good thing because it puts more homes on the market for frustrated buyers.
Agents in Palm Beach and Broward counties for Landrich Real Estate, said foreclosed homes typically aren’t in good condition because they haven’t been maintained. They said fewer foreclosures and a steady increase in property values will reduce the number of “desperate sellers.” “Because of a decline in desperate sellers, we could see a better quality of homes on the market.”
Although total filings fell 24 percent in Florida last year, the Sunshine State still ranked No. 1 in foreclosures nationwide, with 2.3 percent of all housing units receiving a notice in 2014. Meanwhile, Florida homes completing the foreclosure process in the fourth quarter of 2014 took an average of 946 days to work through the court system. That’s the third highest timeline in the country after Hawaii (1,067 days) and New Jersey (1,057).
admin February 9th, 2015
Posted In: foreclosures
Two Broward County cities – Tamarac and Pompano Beach –now offer residents a chance to get a state-backed loan to improve the energy efficiency or hurricane resistence of their properties.
The loans are easy to get for qualified homeowners up-to-date on their mortages, and the debt stays with the property if it is sold. Interest rates vary, and people can borrow up to 20 percent of the value of their properties. They repay the debt through their tax bills.
Both cities are working with the Florida PACE Agency, and the money can be used for improvements from solar panels to wind-resistant shingles.
To qualify, applicants with equity in their property must be up-to-date on taxes and mortage payments and have been for at least three years. There must also be no involuntary leins on the property.
The money comes from a $200 million bond taken out by PACE.
Broward County is working on an agreement with another organization that offers PACE projects but commissioners have not yet approved it.
The county is awaiting the outcome of several Florida Supreme Court cases that might affect the way bonds are taken out before it considers giving final approval to the agreement, said Jennifer Jurrado, director of the Broward County Environmental Planning and Community Resilience Division.
Tamarac was the first to offer the program in August. A handful of projects have already been approved by the agency, said Jonathan Schafer, contract representative for Florida PACE.
Pompano Beach commissioners earlier this month approved the PACE agreement after hearing from Jeff Clemens, who represents the agency to Florida cities and counties.
More than half the states in the country have statutes creating PACE programs. Florida passed its statute in 2010, and at least ten counties now have such programs.
PACE programs allow property owners both residential and commercial to install solar panelling, wind energy systems, generators, or other renewable energy systems. In Florida, they also allow for wind resistence improvements including better shingles, glazed windows and gable bracing.
Clemens said one of the major benefits is residents pay for the improvements on their tax bills, which means if they leave the property they leave the debt behind, too.
They may also save money through insurance discounts that come from hurricane resistant features.
admin February 4th, 2015
There is still time to benefit from the worst U.S. housing shortage in a decade. As we start off 2015 there is great news for investors of multifamily housing – especially in upscale units.
There is an under supply of single family houses and apartments to rent for the first time since 2001. This has caused South Florida Apartment Rentals rates to rise faster than many of the nation’s largest metro areas.
As former homeowners prefer to turn to rentals in large numbers, the apartment sector continues to grow. Additionally, millennials and others who prefer to remain mobile or prefer the excitement of downtown living and the urban life style, are facilitating the pent-up demand for apartments. This is keeping the apartment market healthy, increasing and robust.
Joseph Thomas, a vice president for the Marcus & Millichap firm in Fort Lauderdale said “We’re seeing the market respond with a willingness to pay very, very strong rent for a quality product.”
To satisfy this demand, developers are building thousands of apartments across South Florida, many of them being luxury units.
But not all the construction and cranes that you see dotting the South Florida market are with the focus on renters. Many buyers (even the foreign buyers) have no interest in renting, but prefer to keep their units empty and for personal seasonal use. This means that, for some time, there will still be a shortage of South Florida apartment rentals available, especially in the luxury arena. With a lack of existing supply and with rental rates steadily increasing, this is still a landlord’s market.
About Landrich Real Estate: Whether you own a few properties or hundreds of properties in Florida, Landrich Real Estate and Property Management, is here to simplify property ownership and management. We can help you manage any and all of your properties. At Landrich we provide simplicity & peace of mind. Landrich uses cutting edge, property management software that fully integrates the entire property management and financial process enabling the investor direct access to valuable owner/investor information 24/7.
admin January 30th, 2015
Residential real estate in South Florida has always been marked with confidence and anticipation. As we look around in our daily lives, we are constantly reminded why individuals and families flock to South Florida: our beaches, our variety of entertainment and our weather stand out to the casual observer above all else. There has always been a sense that those attributes which make South Florida so special creates the same excitement we enjoy in the real estate market.
Confidence can only be measured by the stability in numbers that back it up. Understandably, buyers and sellers have the memory of a recent past that saw an all-too-quick inflation and subsequent market correction. Even though those memories are fresh, there continues to be new data each month that supports the stability of our housing market. Combined with the newest outlooks on employment in our region and nationally, it’s no wonder why South Florida home buyers, and sellers, are feeling better and better with each passing day, making the 2015 calendar year one to truly look forward to.
With the release of Freddie Mac’s Multi-Indicator Market Index at the end of December, we saw our big three South Florida counties (Miami-Dade, Broward and Palm Beach) score a 72. This range is based on a score out of 100, which would equal perfection and where 80 is deemed favorable. To put this into context, the South Florida housing market has improved by 70 percent over the past five years, one of the largest jumps in the country. South Florida is improving largely due to the nearly 16 percent increase in the Current on Mortgage indicator over the past three months. Another key factor in this Multi-Indicator Market Index is the employment numbers South Florida has seen, jumping up 2.7 percent, which nearly doubles the national average during that time of 1.4, which really does show the impact employment has on a long-term, sustainable housing market.
This stability index is consistent with what we’ve seen in residential real estate over the past several months. Single-family homes and townhouses/condominiums remained on the rise or constant throughout 2014 within several key indicators such as closed sales, median sales and other determinants. As the distressed market numbers continue to drop, more and more home buyers are looking for traditional single-family homes and town-homes/condominiums to buy within our region, a search the sellers of South Florida are willing to provide as the number of new listings continues to rise across the board. One of the key indicators of this is the inventory (active listings) and months supply of inventory that Broward County has continued to see rise. In the year over year turnover from last year, inventory has risen by 28 percent and the months supply of inventory has risen by 26 percent. The biggest positive, even through the rise in inventory, is the fact that people are still able to sell their homes in a relatively short, manageable timeframe, clocking in on average of 41 days on the market for single-family homes and 50 days for townhomes/condominiums.
Likewise, the drop in the distressed market (such as short sales and foreclosures) shows the decrease in that section of housing inventory. These distressed numbers have been reflected in nearly every month of the 2014 calendar year, as shown by the nearly 40 percent drop in short sale closed sales from November of 2013 to November of 2014 (158 to 95 total). Although these total closed sales are down significantly, we see that those properties within the single-family short sale market are still holding their own value, remaining almost constant from November of last year to November of 2014 ($180,000 to $185,000).
In a region that always harbors so much potential for buyers and sellers of residential real estate, it is welcoming to see the confidence our market can provide to back up that excitement. As Realtor s, we can personally attest, along with our fellow agents and brokers, how gratifying it is not only help new buyers and sellers work through some of life’s biggest accomplishments, but to be able to see they are not only making a great investment in their lives, but also their futures. Those investments are only backed up by the confidence that seems to be springing up around us, whether it be through employment or simply a recovery in fair market value, it certainly looks as though South Florida is in for a very exciting future.
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admin January 28th, 2015
Posted In: real estate news
admin March 19th, 2014
Posted In: media
admin March 19th, 2014
Posted In: media
Click play to listen to the interview with Yehuda Chelminsky on WFTL 850 News/Talk
admin March 19th, 2014
Posted In: media