Foreclosure listings in Miami and distressed property numbers in majority of Florida areas continue to depress prices and the overall housing industry. However, in areas like Naples, buyers of vacation or second homes have left the sidelines and have now entered the real estate buying market. The improvement in Naples started last year, analysts have reported, when sales of houses increased by 10%, giving the region its first sales increase in five years.

Although properties in Florida foreclosure listings still account for a huge percentage of total sales in most markets; in vacation hotspots like Naples, more expensive homes are selling faster, with median prices for houses priced at least $300,000 recording a jump of 4%, according to reports from the Naples Area Board of Realtors. Real estate agents in the region also reported that almost 50% of for-sale dwellings in the metro area are accounted for by second houses or vacation homes. The price difference between last year and the 2006 peak price period was around 25%.

Housing analysts explained that, although foreclosed home listings will continue to be top sellers in most of the state's markets for another year, areas of Florida where the affluent usually go will be the most likely to recover first. They stated that wealth usually determines the condition of the housing market and regions like Naples are where the rich usually goes for vacations.

Meanwhile, it is not only Naples' more expensive housing segment that is outpacing repo homes listings, but also most of the resort towns in the state. According to realtors, sales of existing homes in areas like West Palm Beach, Boca Raton and Jupiter have increased by 32%, while condominium sales jumped by 40% in February of this year compared with year-ago levels. Market analysts believe that part of the reason for the surge in sales in these markets is the strong performance of stocks and the decision of the administration not to implement tax hikes.

Meanwhile, others believe that the cold weather in the Midwest have encouraged a lot of vacation home hunters to seek properties in Florida. Analysts also stated that they will not be surprised if prices of houses in Florida outpace the nationwide rate in 2011 despite the huge amount of foreclosed home listings in the region.

Foreclosed Home Listings Still High, But Things Are Looking Up in FL is a post from: Listings Foreclosures

The number of houses under foreclosure listings in Miami and non-foreclosed single family residences that were sold in 2010 totaled 7,308, representing a 9% jump from 2009 levels when 6,685 single family housing units were sold. However, median selling prices dropped by 3% from $195,300 in 2009 to $189,400 in 2010. The same trend happened for December, with sales rising and median prices declining.

Majority of foreclosure lists in Florida and non-foreclosed residential markets enjoyed stronger sales in 2010 compared with year-ago levels. For December 2010, single family residential property sales in Miami increased by 18%, posting a sales total of 734. December 2009 sales totaled 623. The median selling price of houses during the month was pegged at $173,600, down 15% from December 2009 when median rate was at $204,300.

The rest of South Florida experienced higher sales of non-foreclosed homes and houses under foreclosure listings for sale during 2010, except for Fort Lauderdale. West Palm Beach recorded a full year 10% jump in sales, totaling 9,584 from the 2009 total of 8,684. Median rate also dropped in the county, with selling prices declining by 4% from $239,000 in 2009 to $228,900 last year.

In Fort Lauderdale, sales of properties under bank foreclosure listings and single family dwellings from non-foreclosure markets declined by 9% in 2010 to reach a sales total of 7,997. In 2009, housing unit sales totaled 8,816, with median selling prices pegged at $206,500. Median rate for 2010 declined slightly compared with 2009 prices, with year-over-year median price difference at around $400. Statewide, sales of existing homes, including foreclosed properties, increased by 5% compared with year-ago levels, with median selling prices dropping by 4% over the same period.

Analysts stated that sales of properties under foreclosure listings for sale and dwellings in non-foreclosed markets will likely continue to improve in 2011, mainly because of projected growth in job markets. They added that buyers and investors will gain more confidence this year owing to a much better national economy.

Foreclosure Listings for Sale Proved Popular Among Buyers in 2010 is a post from: Listings Foreclosures

During the boom years, high-end homes were also sold at auctions, but the prices remained close to their original purchase prices, unlike these days when auctioned homes are getting sold at bargain prices. Also, in the boom years, publicity strategies were effective in bringing moneyed buyers to auctions.

In 2007, Sky Sotheby’s International auctioned off at the same time 20 luxury homes in Sarasota with an average price of $3.5 million. Chad Roffers, then the head of Sky Sotheby’s, said the auction of large numbers of luxury homes was not usually done.

The collapse of the housing market and the continued decline in home prices have forced owners of high-end homes to turn to auctions to sell their homes as they are pressured by the courts or their creditors.

In July, Concierge Auctions auctioned off 4 high-end distressed homes in Florida, including a $5.9 million eight-bedroom Ponte Vedra waterfront home which had been languishing in the market for two years.

Alan Kravets, head of auction company Sheldon Good, said he has been getting a lot of calls from residents of affluent communities such as Palm Beach, Aspen and the Hamptons. He added he has sold homes priced between $2 million and $5 million through auctions for owners who were not able to sell them.

To increase the chances of high-end homes getting sold at auctions, some auction firms market their auction as absolute auction, which means minimum bids are not set and the sellers agree to accept the highest bid, even if it is extremely low.

Auction Company of America applied the absolute auction strategy when it auctioned off the multimillion-dollar home of businessman Jack Warner on Little Torch Key.

Warner, now 61, bought the home in 1993. With a pool and clear views of Florida Bay, it was appraised in 2007 for almost $14 million. When his Indiana construction business closed and his Florida property investment firm became bankrupt, he was forced to ask help from the auction company to sell his home after failing to sell it at $5.9 million.

Warner hoped the selling price would exceed $3 million so he could pay all his remaining mortgage loans, but he silently accepted his fate when the final bid was only $2.5 million.

Florida High-End Homes Sold at Foreclosed Homes Auctions is a post from: Listings Foreclosures

In the first round of the federal funding program, Pasco applied and received a total of $19.5 million which it had difficulty in using to purchase properties on repo foreclosure listing. However, this did not stop the county from taking another shot for the federal funding under the Neighborhood Stabilization Program 2.

The federal funding is based on an area’s vacancies, foreclosures and subprime loans. The number of foreclosed homes in Pasco is increasing faster than how the community development office spends the money.

Community development director George Romagnoli said that the county had spent almost $1.5 million, which is more than the amount spent by any local government in Florida. He said that the county has 10 nonprofit organizations that are purchasing properties on foreclosure listing.

He added that except for three, the rest of the counties in Florida are qualified for the federal funding, with Pinellas posting nearly 50 percent in foreclosure rate increase.

Pasco had difficulty in how to spend the first round of federal funding it received. Last October, county commissioners revised their spending plan by allocating about $6.5 million for homebuyer assistance, an increase from the original proposal of $4 million.

Under the original proposal, the county would spend the funding to purchase and rehabilitate foreclosure homes and then sell them. Commissioner Michael Cox decided to restructure the spending plan, giving emphasis on providing down payment assistance.

In restructuring the plan, Cox explained that the original amount of $16 million intended for purchasing and renovating distressed properties could grow to $436 million if it will be used to help potential buyers acquire properties.

However, Romagnoli noted that the effort of the local government to direct the funding to down payment assistance had been unsuccessful because banks refused to approve loans to at-risk borrowers eligible for the county’s grant.

A review of the program is in the offing but for the meantime, Romagnoli wants a portion of the funds to be allocated to purchase foreclosure houses. So far, Pasco County and its partners have purchased nearly 35 properties on foreclosure listing.

Federal Grant to Buy Homes on Foreclosure Listing is a post from: Listings Foreclosures

Burton Conner, circuit judge of Treasure Coast, said that he is frustrated that nothing significant is being done to facilitate the federal government foreclosures program to cut down the number of foreclosure cases clogging the courts. Instead, he said, what was done was the reduction of court staff members and cutbacks on court budgets.

To help reduce foreclosure cases, Judge Conner has started requiring mortgage lenders and borrowers to meet and work out affordable payment schemes before lenders make their foreclosure filings. Conner said the effort has led to the settlement of many foreclosure cases and in effect, led to the implementation of the goals of the federal government foreclosures program.

Even with the top ranking of Florida in nationwide charts of foreclosure rates and foreclosure filings month after month and quarter after quarter, state legislators have not crafted a significant legislation that could have helped carry out the federal government foreclosures program.

In May this year, the total number of foreclosure filings across Florida is still more than 50 percent of foreclosure filings in May last year. Eleven percent of all mortgage loans in the state are in foreclosure, based on data from the Mortgage Bankers Association.

But the state legislature whose spring session ended last month approved only two bills related to foreclosure. Of the 15 bills introduced to help carry out the federal government foreclosures program, ten bills never reached the state of discussion, including several bills that proposed mandatory mediation between borrowers and lenders.

The Center for Responsible Lending said that one out of three distressed borrowers can save their homes from foreclosure if they are able to participate in mandatory mediation processes.

Instead, state legislators approved only the bill that would increase court filing fees and the bill aimed at complying with a federal regulation.

In Treasure Coast, where mediation was ordered by Judge Conner, 22 of the foreclosure cases initially processed through mediation were successfully renegotiated.

In Palm Beach, Circuit Court Judge Kathleen Kroll required lenders to revise homeowners’ loans. Amy Borman, court general counsel of Palm Beach County, said that the courts want to help homeowners through mediation and other options under the government foreclosures program.

Florida Courts Carry Out Government Foreclosures Program is a post from: Listings Foreclosures

This slight increase in foreclosure filings and foreclosure listings homes sold led Default Research to conclude that Florida foreclosures slowed in February.

The tri-counties posted a total of 7,467 foreclosure notifications last month, an increase of 28 units from the same month in 2008.
Serdar Bankaci, Default Research founder, pointed out that based on real estate indicators, the average home price in Florida continue to drop by almost 40 percent since three years ago.

However, the number of homes in foreclosure listings dropped steadily since December 2008, Bankaci noted.

Broward County posted an annual decline of 28 percent, while Palm Beach and Miami-Dade saw 51 percent and 11 percent increases, respectively.

The following are the total residential South Florida foreclosure listings by cities in each county:

Broward County:

• 242 homes in foreclosure listings in Miramar
• 240 homes in Fort Lauderdale
• 212 homes in Hollywood
• 180 homes in Pembroke Pines
• 177 homes in Pompano Beach

Palm Beach County

• 431 homes in foreclosure listings in West Palm Beach
• 266 homes in Lake Worth
• 219 homes in Boca Raton
• 177 homes in Boynton Beach, and
• 96 homes in Delray Beach

Miami-Dade County

• 2,235 homes in foreclosure listings in Miami
• 392 homes in Hialeah
• 119 homes in Miami-Beach
• 104 homes in Miami Gardens, and
• 93 homes in North Miami

Data from Florida Association of Realtors showed that there were 78,676 owners of single-family homes and condominiums who filed for foreclosures in South Florida between January to October 2008. For the same period, Palm Beach County saw 24,091 foreclosure filings, 32, 271 in Broward County and 22,314 in Miami-Dade County.

In 2007, South Florida reported foreclosure filings of 33,154, which increased to 75,730 filings in 2008.

Meanwhile, Default Research noted a 35 percent increase in the number of retail and commercial foreclosures in South Florida for the first two months of this year.

Bankaci explained that the recession and decline in consumer spending have forced businesses in the area to close. He added that because of increasing business failures, property owners find it hard to refinance which resulted to the rise in commercial foreclosures.

More Homes Selling on Florida Foreclosure Listings is a post from: Listings Foreclosures

This could provide much needed relief for these homeowners struggling to make ends meet in order to pay for their monthly amortizations. The 45-day ceasefire could also give them ample time to discuss a repayment or restructuring plan with their banks and lenders to avoid possible foreclosures.

Governor Crist also announced that a $541 million federal mortgage assistance fund would be given to local governments with programs and plans on how to deal with foreclosures and help beleaguered homeowners. This federal relief fund could give some assistance to troubled residents but it could only be able to help a limited number of homeowners avoid foreclosures.

What the people of Florida are clamoring for right now is a comprehensive plan to deal with foreclosures even beyond the holidays and finally put it to bed. With the state having the third highest foreclosure rate in the country at present, aggravated by steady rise in unemployment cases, the permanent solution to the problem is much needed and should be available to residents at the soonest possible time ? before it is too late.

Various sectors are still clamoring for a longer moratorium period and are urging the legislative body to check the feasibility of a 90-day moratorium on foreclosures. During this lull, a state or an independent mediator should oversee and work with the lender and the homeowner to discuss possibilities for the modification of the loan.

Successful renegotiations could help save thousands of families and keep them in their homes. With mortgages current, it would mean a favorable movement of money for the banks, which could keep them stable and revive the financial market once more.

Floridians Seek Relief on Foreclosures beyond the Holidays is a post from: Listings Foreclosures

In addition, there was also 44 percent increase in year-over-year foreclosure activity, with one filing for every 178 homes. Fort Lauderdale topped the list of metropolitan cities with the highest foreclosures with 18,316 filings. This figure is 17.7 percent more last August.

On the other hand, Miami placed at the 13th spot with 14,050 foreclosure filings. It was a 7.93 percent drop from the previous quarter but a 37.3 percent increase from last year. Palm Beach came in at the 19th spot with 7,515 filings, up by 5.25 percent compared to the second quarter and 65.3 percent from the third quarter of last year.

The good news is ? national foreclosure rate for September declined by about 12 percent compared to August, with one filing for every 475 homes. Comparing it to last year, the foreclosure activity across the nation actually jumped by 21 percent.

According to the online marketer, the 12 percent decline can be attributed to the numerous state laws which were passed to slow down the foreclosure crisis. There were states that required lenders to notify the troubled borrowers several times before proceeding with a foreclosure filing while there were states that extended the number of months a distressed homeowner can negotiate with their lenders.

Last October 3, a $700 billion bailout program was approved to address the crisis in the financial market, which is tied to the housing industry. Despite this, experts and analysts are still worried that the collapse in the finance sector will result to more houses for sale.

Florida Grabs Second Spot for Highest Foreclosures is a post from: Listings Foreclosures

Between the 12th and the 17th of August, the auction firm, Hudson & Marshall, are set to auction close to 700 homes that have been foreclosed by banks. Cities where the auctions would be held include Orlando, Fort Myers, Tampa and Jacksonville amongst others.

On the 13th of August Tampa will see around a hundred homes being auctioned. Over two hundred homes will face Auction on the 13th of August in the Fort Lauderdale and Miami areas. Orlando is to witness auctioning of about a hundred homes on the 17th of August. Bidders successful at these auctions will need to put down a deposit for $2500 in either certified funds or cash. With all properties involved the sellers would have taken care of paying the title insurance.

Hudson & Marshall’s, Dave Webb, said that the notion till not so long back involving foreclosed properties was that either the property was distressed or in bad shape, but now that notion has been lifted. Knowledgeable buyers now see homes that are part of Miami foreclosure listings as a chance to buy a home that look just like the ones across the street, only at a fraction of the price, he added.

The properties that are being auctioned are being sold on a ‘as is’ basis. Therefore, the sensible thing for buyers to do would be to inspect the property before any bids are placed. August 9th and 10th have been scheduled to have an open house from 13:00 hrs to 15:00 hrs. Listing agents can also be contacted in order to schedule a time to look at the properties.

Florida Foreclosure Listings – Going Once, Going Twice, Going Three Times, Gone is a post from: Listings Foreclosures