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WASHINGTON (AP) – Dec. 10, 2009 – The number of homeowners on the brink of foreclosure fell in November, the fourth straight monthly decline, as mortgage companies evaluated whether borrowers were eligible for help.
Nearly 307,000 households, or one in every 417 homes, received a foreclosure-related notice in November, down 8 percent from a month earlier, RealtyTrac Inc. said Thursday. Banks repossessed about 77,000 homes last month, down slightly from October.
Millions of borrowers are still being evaluated for the Obama administration’s foreclosure prevention effort. States are also trying to delay the foreclosure process, temporarily lowering foreclosure numbers.
But the foreclosure crisis is likely to get worse before it gets better.
“We don’t really believe the underlying problems have been resolved,” said Rick Sharga, senior vice president at the Irvine, Calif.-based foreclosure listing service. Many borrowers, he said, “simply aren’t going to qualify” for help.
Foreclosure filings were still up 18 percent from a year ago, and a new wave is expected next year as unemployment remains high and borrowers fall out of loan modification programs.
Nevada posted the nation’s highest foreclosure rate, followed by Florida, California, Arizona and Idaho. Rounding out the top 10 were Michigan, Illinois, Utah, Maryland and New Jersey.
Among cities, Merced, Calif. had the highest rate, with one in 83 homes receiving a foreclosure filing. It was followed by fellow California cities Stockton and Modesto, and Cape-Coral-Fort Myers, Fla.
Las Vegas, which had been No. 1 on that list for four-straight months, fell to No. 5. Nevada recently adopted a program that requires mediation before banks can seize a property.
Nationwide, a report Wednesday showed only about 10,000 homeowners received permanent loan modifications this fall under the Obama administration’s mortgage relief plan, more evidence of serious failings in the government’s effort.
Elizabeth Warren, chair of a watchdog panel, told reporters that the program is “not working” and that it had failed to make a dent in the record level of foreclosures. More than 14 percent of homeowners with a mortgage are either late on their payments or in foreclosure, and that number is expected to keep rising as unemployment remains stubbornly high.
The Treasury Department is expected to release updated figures Thursday, but data through October showed that fewer than 5 percent of homeowners who completed the trial periods had their mortgage payments permanently lowered to more affordable levels.
Under the program, eligible borrowers who are behind or at risk of default can have their mortgage interest rate reduced to as low as 2 percent for five years. They are given temporary modifications, which are supposed to become permanent after borrowers make three payments on time and complete the required paperwork, including proof of income and a hardship letter.
Copyright © 2009 The Associated Press, Alan Zibel, AP real estate writer. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. AP Business Writer Daniel Wagner contributed to this report.
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TALLAHASSEE, Fla. – Dec. 10, 2009 – As part of his focus on strengthening Florida’s economy, Gov. Charlie Crist met with Florida Realtors Wednesday at the capital to discuss the state’s housing market. The governor applauded the contributions of the state’s Realtors on the consistent increase in home sales over the last year, and encouraged Realtors to continue telling homebuyers about the extended federal tax credit for buyers made available through the Worker, Homeownership, and Business Assistance Act of 2009.
“There are great opportunities right now for Floridians and newcomers to Florida to take advantage of tax breaks, bargain prices and beautiful Florida real estate,” said Gov. Crist. “I am encouraged by the continuing rise in home sales.” During the roundtable discussion, the governor emphasized his continued commitment to reducing the tax burden on the state’s homeowners and business property owners.
Roundtable participants included 2009 Florida Realtors President Cynthia Shelton of Lake Mary and President-Elect Wendell Davis of Jacksonville. Florida Real Estate Commission Chair Roger Enzor of Pensacola also joined other participants from Jupiter, Fort Lauderdale, Orlando, Ocala, Sarasota, St. Petersburg and Tallahassee.
“We’re privileged here in Florida to have a governor who is always willing to meet with everyday citizens and learn directly from them what’s important,” said 2009 Florida Realtors President Cynthia Shelton. “He is a true friend to all of us who call Florida home, and he believes — as we do — that issues of concern to Realtors are important to the quality of life we all enjoy and want to preserve in the Sunshine State.”
According to the latest housing data from Florida Realtors, existing single-family home sales in Florida have consistently increased over the last 14 months. Statewide existing home sales were up 26 percent in October 2009 compared to the previous October, while October’s statewide existing condo sales rose 33 percent compared to October 2008.
The Worker, Homeownership and Business Assistance Act of 2009
In effect since Nov. 6, 2009, the federal Worker, Homeownership and Business Assistance Act of 2009 extends the first-time homebuyer credit five months and expands the eligibility requirements to existing homeowners. The law extends the deadline for qualifying home purchases from Nov. 30, 2009, to April 30, 2010. Additionally, if a buyer enters into a binding contract by April 30, 2010, the buyer has until June 30, 2010, to close on the home purchase.
The maximum credit amount remains at $8,000 for a first-time homebuyer – that is, a buyer who has not owned a primary residence during the three years prior to the purchase. Plus, many existing homeowners may qualify for a tax credit of up to $6,500 on a home purchase.
“Florida Realtors appreciated the chance to apprise Gov. Crist of the positive momentum in the state’s housing market,” says John Sebree, vice president of public policy for Florida Realtors. “Real estate is a vital component for the state’s economy, and Realtors are on the frontlines when it comes to helping residents and business owners benefit from some great opportunities in the current marketplace.
“Now, more than ever, it’s important to preserve the state’s housing trust funds and to increase their funding, as more citizens than ever can realize their dream of homeownership and find an affordable Florida home.”
© 2009 Florida Realtors
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Click on the attachment to view our November Newsletter ...
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Daily Real Estate News November 5, 2009 Both Houses OK Tax Credit Extension, Expansion
The House today and the Senate yesterday passed legislation to extend the $8,000 home buyer tax credit to May 1, 2010, for first-time buyers and add a $6,500 tax credit for repeat buyers if they've lived in their home for five of the past eight years. Home prices are capped at $800,000.
The legislation in both houses was included in a bill to extend unemployment benefits and is expected to be signed by President Obama shortly.
“REALTORS® appreciate the swift action by Congress to extend the home buyer tax credit and expand it to some current homeowners,” says NAR President Charles McMillan. “As the leading advocate of housing and real estate issues, we urge President Obama to sign this legislation into law quickly to keep the momentum going in the fragile recovery of the nation’s housing market.”
Under the bill, income limits are expanded to $125,000 for individuals and $225,000 for joint filers. Individuals with incomes up to $145,000 and joint filers with incomes up to $245,000 qualify for reduced credits.
Households who have binding contracts in place by April 30 will be allowed an additional 60 days to complete their transaction. The deadline for members of the military serving out the U.S. for at least 90 days between Jan. 1, 2009, and May 1, 2010, has been extended one year.
Taxpayers can claim the credit on their federal income tax returns. If the credit exceeds their tax bill, the government will issue a check. Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
More on the credit is available from NAR.
Source: The Associated Press (11/5/2009)
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US Economic Growth Could Accelerate After Strong Reports Published: Monday, 2 Nov 2009 | 11:24 AM ET
U.S. economic expansion could accelerate in the fourth quarter after data released on Monday showed stronger-than-expected growth in manufacturing in October, according to a business group.
U.S. manufacturing activity rose to its highest level in 3-1/2 years last month and pending home sales contracts unexpectedly surged in September, offering hope the budding economic recovery would be sustained. The Institute for Supply Management said its index of national factory activity rose to 55.7 in October, the highest level since April 2006, from 52.6 in September. Analysts had expected a reading of just 53.0. It was the third straight month the gauge came in above 50, the dividing line between expansion and contraction. A separate report from the National Association of Realtors showed the real estate group's Pending Home Sales Index, based on contracts signed in September, rose 6.1 percent to 110.1 — the highest level since December 2006.
It was the eighth straight monthly rise in the index, the longest streak since the measurement started in 2001. Markets had expected pending home sales, which lead existing home sales by one to two months, to be flat in September after rising to 103.8 in August. U.S stock indexes surged on the data, which calmed fears that the economic recovery that started in the third quarter might falter as unemployment mounts. U.S. Treasury debt prices added to losses. "All the numbers show stabilization and the start of some expansion. That's a continuation of what we've been seeing for the past couple of months," said Thomas Nyheim, vice president and portfolio manager at Christiana Bank & Trust in Greenville, Delaware. U.S. Federal Reserve officials meet Tuesday and Wednesday and are expected to signal a willingness to keep their stimulative policies in place for some time yet to make sure a self-sustaining recovery takes root. The U.S. economy grew in the third quarter for the first time in more than a year, probably ending a recession that began in December 2007. Pending home sales were fueled by first-time buyers rushing to conclude deals before this month's expiry of the popular $8,000 tax credit for first-time buyers. "What we're witnessing is a rush of first-time buyers trying to beat the expiration of the tax credit at the end of this month," said NAR chief economist Lawrence Yun. RELATED LINKS
Current DateTime: 08:50:23 04 Nov 2009
LinksList Documentid: 33585175
· Pending Home Sales Rise · China Manufacturing Expands · World Risks Depression if Stimulus Is Pulled: Economist · Obama Warns On Job Losses; Economic Team Meets · More Economic News The Pending Homes Sales Index surged a record 21.2 percent in September from the same period a year-ago. A report from the Commerce Department showed spending on construction projects rose 0.8 percent to $940.3 billion, after dropping 0.1 percent in August. Spending originally was reported as rising 0.8 percent in August. Analysts polled by Reuters had expected spending to fall 0.2 percent. Public construction, fueled by billions of dollars of capital works spending in the U.S. economic stimulus plan, rose 1.3 percent to $326.4 billion, an all-time high, after falling 1.1 percent in August. State and local construction, which was up 1.4 percent after being down 0.5 percent in August, also reached an all-time high. Home building rose 3.9 percent, its largest gain since rising 4.2 percent in July 2003, in a sign that strength may be returning to the devastated housing market.  Format: ???
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Sarasota is the best real estate bargain and St. Pete is #6 in America.
Click Here Watch The Today Show Video Clip  |
The region's real estate market got a boost on Tuesday from a segment on NBC's "Today" show, where nationally recognized real estate expert, Barbara Corcoran, told host Al Roker that the best home values in the nation can be found right here, right now.
Sarasota topped her list of cities now holding the best real estate bargains. "Sarasota, Florida, was probably a symbol of the worst real estate market in the country," said Corcoran. "The Florida markets were hit early. Last year alone prices went down by a full third in Sarasota, but prices are already up 13 percent so it's moving fast and buyers are snapping up bargains." Sarasota's sophisticated urban lifestyle was cited as a key draw, as well as the area's beaches.
Corcoran also talked about St. Petersburg, Florida as having the sixth best real estate bargains in America. Other top 10 cities included Marietta, GA; San Francisco, CA; Grand Rapids, MI; Naperville, IL; Trenton, NJ; St. Louis, MO; and Saginaw, MI.
The mention on NBC was all the talk in the region's real estate circles. Barbara confirms where real estate prices have dropped the most and have now shot up in the recent quarter. The one nice thing is that it was not just anyone saying it, but it was a real statistical view of what is happening in our local marketplace (along Florida's Central Gulf Coast).
To read more about what's happening along Florida's Central Gulf Coast, You can go to Broker Brink's Blog. You can also, follow John Brink on...   
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Thinking of selling? At first thought, listing your home based upon last year’s appraisal or what your neighbor’s home sold for last year seems reasonable on the surface because you can always lower the price if it is set too high. Fast-forwarding … it’s now 12 months later and your home hasn’t sold. You’ve grown weary and lowered your price below market value to get it sold. It now sells. The sad part is had your home been priced in line with "comparable sales" in the neighborhood when it was listed a year ago, it might have sold quickly. But as it turned out, your home ended up on the market for too long at the wrong price, and the market softened. The question is how much money did this process cost you? The financial loss often exceeds the extra mortgage payments, let alone the uncompensated hassle factor of keeping your home spotless during showings. It affects the value a buyer ultimately chooses to pay because it's not a fresh listing anymore. It's now a stale market-worn home over-priced for too long. Don't let this happen to you! I've been the TOP SELLING AGENT at The Tides for the last three years with good reason...I'm a full time resident who has owned since 2000, keeping up the property value is personal. My office is in my condo so I am always on site, ready to show a listing at a seconds notice. I love where I live and convey this passion and enthusiasm to others...no better endorsement can be had! Lastly...I GET RESULTS!!! If you're looking for an Agent to trust with the sale of your property wouldn't it make sense to talk to "THE REALTOR WHO RESIDES AT THE TIDES"!!! Call me, I look forward to hearing from you!
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Florida Real Estate Market Recovery: 12th Consecutive Monthly Increase in Home Sales By admin | September 27, 2009 Submitted by CARPE DIEM 
ORLANDO, Fla. (Sept. 24, 2009) – Florida’s existing home sales rose in August – marking a full calendar year (12 months) that sales activity increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors. Existing home sales rose 28% last month with a total of 13,850 homes sold statewide compared to 10,813 homes sold in August 2008 (see chart above). The state association also reported a 45% increase in last month’s statewide sales of existing condos compared to the previous year’s sales figure. Florida’s median sales price for existing homes last month was $147,400; a year ago, it was $188,500 for a 22 percent decrease.
MP: Along with home sale increases, median home prices are also starting to gradually increase as Florida’s real estate market recovers. During the first four months of 2009 (Jan.-Apr.), the median home price averaged $140,000, compared to an average price of $147,000 during the most recent four months (May-Aug.). With a full year of monthlyincreases in home sales, and with rising median home prices, can we now officially declare that the Florida real estate market is in full recovery.
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Short-sales continue to make up a larger percentage of distressed home listings. As banks continue to drag their feet on approval of short-sales, foreclosure sales are on the rise. Why aren’t the banks trying to expedite and enhance the number of successful short-sale transactions instead of losing more than one-fifth the value of the property through a foreclosure sale? One reason is that with a short sale there are often long delays at a bank or financial institution’s loss-mitigation department. Very often the transaction falls apart because of the extremely long period of time it takes to get any meaningful response from these institutions. Also, they often decide to change the agreed-upon terms at the last minute. Additionally, buyers will see a short sale and mistakenly think that the bank will sell it far below list price because the bank doesn’t want to own the property, so they make an offer significantly under value. True, banks may not want to own the home, but are not going to sell far below what they have determined as the true market value. A short sale will hurt the consumer’s credit, but not nearly as much as a foreclosure, which can reduce a credit rating by more than 250 points. Short sales appear on a credit report as "pre-foreclosure in redemption," not as "debt discharged due to foreclosure." By approving more short sales, banks would help solve some of the problems associated with foreclosures such as deteriorating landscaping, declining property values and lost revenue for homeowners associations.
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One of the many services I provide for my home buyer clients, one of the most important is that I can help them shop for the best mortgage. I understand that when you decide to buy, you might want to arrange financing through an institution you've used in the past, or give your business to a friend or relative. However, over the years I've developed some very good contacts, so if you'd like to explore some additional options, please don't hesitate to call or e-mail me. Believe me, having good friends in the mortgage business can really pay off. You'd be surprised at how "creative" my contacts can be and it also helps to know exactly what questions to ask. So, when you decide to buy, please call or e-mail me because what you don't know could cost you.
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Whether you're planning to buy or sell a home, choosing the right real estate agent is one of the most important decisions you'll make. I am familiar with the local neighborhoods and selling trends. I will go above and beyond what it takes to make things happen in this "interesting" real estate market. Buying or selling a home is among the largest financial undertakings that most of us deal with, and the process can go a lot smoother with the help of the right real estate agent. As a seller, you should interview candidates until you meet a person who understands your needs, and can help you from listing to closing. As a buyer, it is important to work with an agent that can negotiate for you while helping you find the property that is just right and within your budget. When the average seller sits down to interview real estate agents, its easy to get caught up in the excitement over choosing a sales price. Unfortunately, uninformed sellers often choose the listing agent who suggests the highest list price, which can be the worst mistake a seller can make. It doesn't really matter how much money you think your home is worth. Nor does it matter what an agent thinks or ten other agents just like them. The person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking local market movements and taking stock of present inventory. If the home is priced right, you'll get an offer. If not, you might not get any showings at all. BY THE WAY... I am selling out of my inventory...six homes sold so far this year and two more in contract! I'm ready to take on more listings, market them appropriately and get them sold. The market is picking up, there are qualified buyers out there and I'm working hard to sell all that I can at the highest and best price the market will bear...let me be your Agent!
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Selling in the present environment requires accurate pricing. If you start out with a price too high, you may have just added a significant level of difficulty to the process. During the first couple of weeks listed, you should see a flurry of activity with buyers' agents coming to preview your home so they can sell it to their clients. Fewer agents will preview your home when it is overpriced. If your home is dramatically above market, agents will ignore your home thinking you're not a serious seller. Their time might be better spent previewing homes that are priced realistically. If you start out with a high sales price, then drop it later -- your home is "old news." You will never be able to recapture that flurry of initial activity you would have had with a more accurate price. Even if you successfully sell at an above market price, your buyer will need a mortgage and the mortgage lender will require an appraisal. If comparable sales for the last six months and current market conditions do not support your sales price, the house won’t appraise. Your deal falls apart. Of course, you can always attempt to renegotiate the price, but only if the buyer is willing to listen. Your house could go "back on the market." Knowing your local market is key in pricing your home right. Being your local real estate expert, I am familiar with what is taking place in your neighborhood and will work with you to get the right results.
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Hi Neighbors! Whether you're planning to buy or sell a home, choosing the right real estate agent is one of the most important decisions you'll make. I am familiar with the local neighborhoods and selling trends. I will go above and beyond what it takes to make things happen in this "interesting" real estate market. Buying or selling a home is among the largest financial undertakings that most of us deal with, and the process can go a lot smoother with the help of the right real estate agent. As a seller, you should interview candidates until you meet a person who understands your needs, and can help you from listing to closing. As a buyer, it is important to work with an agent that can negotiate for you while helping you find the property that is just right and within your budget. When the average seller sits down to interview real estate agents, it's easy to get caught up in the excitement over choosing a sales price. Unfortunately, uninformed sellers often choose the listing agent who suggests the highest list price, which can be the worst mistake a seller can make. It doesn't really matter how much money you think your home is worth. Nor does it matter what an agent thinks or ten other agents just like them think. The person whose opinion matters is the buyer who makes an offer. Pricing homes is part art and part science. It involves comparing similar properties, making adjustments for the differences among them, tracking local market movements and taking stock of present inventory. If the home is priced right, you'll get an offer. If not you might not get any showings at all. What makes me unique is that I am a full time resident of the beach and waterfront community. Who better than a full time resident to know and fully understand how best to position your beach or waterfront home.
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REDINGTON SHORES YACHT AND TENNIS CLUB
• 1,995 sq. ft., 3 bath, 3 bdrm single story
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MLS®
$559,900
- JUST LISTED
Redington Shores Yacht & Tennis Club, Redington Shores
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Exceptional waterfront condo with sweeping views of the intercoastal from the 30 foot balcony. Recently completed, this 3 bedroom, 3full bath unit features custom cabinetry, crown molding, designer faucets premium carpeting and tile. The spacious gourmet kitchen includes granite counter tops, center island, GE appliances with plenty of cabinets and counter space. The Redington Shores Yacht and Tennis Club is a private gated residential community situated on 24 premiere acres located on Boca Ciega Bay across the street from the Gulf of Mexico. Residents enjoy a private clubhouse with fitness center, tennis courts, heated pool and spa. Boat docks are available at an additional cost. Sold " AS IS " with right to inspect. CABANA IS INCLUDED IN PRICE !!!
Property information
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This One's a Keeper
• 1,440 sq. ft., 2 bath, 3 bdrm single story
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MLS®
$235,000
- JUST LISTED
Redington Shores, Pinellas County
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THIS ONE'S A KEEPER!!! Recently renovated and tastefully decorated for you to enjoy a comfortable laid back lifestyle. Newer roof, A/C system, hot water heater, double paned windows and dual zoned sprinkler system. Remodeled kitchen and baths, huge enclosed Florida room and inside utility room. Tropically landscaped yard, fenced patio, custom garden lighting and storage shed. Walking distance to beach with an optional $25 annual membership to Surfside Beach Club with private beach access! Sold " AS IS " with right to inspect. MOVE IN READY !!!
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