Wednesday, October 20, 2010

Palm Citys Horse Talk: Just Listed In Western Ft. Pierce this Country Home

Palm Citys Horse Talk: Just Listed In Western Ft. Pierce this Country Home


Just Listed In Western Ft. Pierce this Country Home


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Our Economy For the Past Week


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OVERVIEW ~ October 4 through October 8 ~ From its 2.528% opening level, the 10-year Treasury note edged still lower, ending at 2.382%. The Dow Jones Industrial Average (DJIA), meanwhile, climbed from 10829.68 to the 11,000 mark, ending the week at 11,006.49. Both benefited from announcements that the Federal Reserve is likely to initiate further quantitative easing in the near term. The euro, again with investors worried about the Fed’s quantitative easing that could further weaken the dollar, rose against the dollar slightly. And gold continued to climb, reaching slightly above $1350 by the end of the week. The average 30-year fixed rate for Freddie Mac, fell 5 basis points to 4.27%, and the HSH Associates computation (which includes jumbo rates) declined from 4.75% to 4.66%.

FOCUS ~ What is QE2? “QE2” stands for the second major phase of the Federal Reserve’s “Quantitative Easing.” And “quantitative easing” is a group of measures the Fed can take to keep interest rates low or make them even lower and, quite possibly, to raise the level of inflation slightly.

Having pushed the fed funds rate to a range of 0% to 0.25%, the Fed really doesn’t have this tool at its disposal; it can’t lower this rate further. So it must call upon other ways of keeping rates low.

The most-discussed option is for the Federal Reserve to buy up Treasury securities, making it certain that there will be plenty of buying pressure for the securities. That will translate into higher value for the securities, which in turn means their yields will be even lower.

There are positives and negatives with this option. It usually reduces the value of our currency, meaning the dollar’s exchange rate falls relative to the exchange rate of other currencies. As a result, for the holders of the other currencies, this can mean that their dollar-denominated investments lose a bit of value (a negative, since it decreases their yield) and that the lower value of the dollar means an effectively lower price for our exports (a benefit to the U.S. because we can sell more exports if our price declines).

Indeed, there is much discussion currently about how several nations, including the U.S., are handling their currencies, specifically trying to push their exchange values lower in order to give their own exports a pricing edge. Still, the DJIA’s levels have often risen and interest rates fallen when the Fed discusses a likely QE2.

Tuesday, October 19, 2010

The Foreclosure Events of today


Foreclosure wheels begin to turn again for Bank of America, GMAC
NEW YORK – Oct. 19, 2010 – Bank of America and Ally Financial’s GMAC Mortgage have begun to lift their freezes on more than 100,000 foreclosure cases in Florida and other states, saying they’re not finding flaws in their paperwork.

Late Monday, Bank of America issued a statement saying that it expects to begin going back next week to courts in the 23 states where foreclosures are a judicial process, including Florida. A statement from spokesman Dan Frahm said the lender is preparing to re-submit documents in 102,000 foreclosure cases already underway.

Also Monday, Ally Financial spokesman James Olecki confirmed that GMAC is re-submitting documents in some foreclosure cases including at least one in Florida “as each of those files is reviewed and remediated when needed.”

Among major lenders, Bank of America had called a halt to all foreclosure sales nationwide. It also, along with GMAC, JPMorgan Chase and PNC Financial Services, initiated reviews in the 23 judicial foreclosure states. Bank of America later extended its review nationwide. Wells Fargo did not undertake a review of its procedures.

Major lenders in September began announcing halts to all or parts of their foreclosure processes, after revelations – in sworn statements submitted in lawsuits in which homeowners are fighting foreclosures – showing that employees or representatives failed to verify mortgage paperwork before submitting foreclosure cases to courts.

The so-called “robo-signers” said, under oath, that they handled thousands of documents each month without knowing whether they were accurate, as required by court procedure.

The GMAC and Chase documents surfaced in Palm Beach County cases that are still going through the courts.

On Monday, Bank of America said its “initial assessment findings” have shown “the basis for our foreclosure decisions is accurate.”

GMAC’s Olecki wrote in an e-mail, “Again, we have been in the midst of a review for approximately two months and have found no evidence of any inappropriate foreclosures to date.”

A spokesman for PNC Financial said the lender hasn’t changed its position on reviewing foreclosure documents. A spokesman for JPMorgan Chase repeated the bank’s intention to review about 115,000 foreclosure files and delay foreclosure sales.

Monday’s developments won’t speed the foreclosure process in Florida’s overburdened courts, said Alexander Fernandez, director of homeownership preservation for Neighborhood Housing Services of South Florida. He noted there are more than 50,000 cases in Broward County alone that are still pending. And renewed cases, he said, would probably go to the back of the line.

Foreclosure defense attorneys questioned how the process can be re-started. “Do they simply get to resubmit the document and go on like nothing happened?” said Matthew Weidner, a St. Petersburg foreclosure defense attorney.

Beyond Florida, Bank of America said it would continue its halt of foreclosure sales in the 27 states that do not handle foreclosures through the judicial system.

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Harriet Johnson Brackey. Distributed by McClatchy-Tribune Information Services.

Wednesday, May 12, 2010

Our Week In Review

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OVERVIEW ~ April 26 through April 30, 2010 ~ The stock and bond indices worked hard to hold their own with several powerful forces buffeting them all week. The stock and credit markets, lacking a strong sense of direction, moved up and down with each day’s predominant economic news story.

FOCUS ~ Perhaps most telling regarding the certainty about where the economy is headed was the weak reaction in the markets to Friday’s announcement that the Gross Domestic Product (GDP) had grown by 3.2% in the first quarter of this year. Let’s look deeper.

The good news in the GDP data was that consumer spending was up markedly, growing at a 3.6% rate, and spending by businesses was up, while inflation remained very low. (All of these aspects of economic growth are considered and included in the GDP, all of which has an effect on the mood of investors.)

Though inventory rebuilding was down relative to the prior quarter in the GDP report, as expected, it still made up half of the most recent quarter’s 3.2% economic growth. In the last quarter of 2009, the effect of inventory building was one of the largest factors driving the overall GDP growth rate higher (to a strong 5.6%). Inventory rebuilding is an inevitable component of an economic recovery as businesses prepare for more sales. Analysts expected this quarter’s inventory growth rate to decline, since so much inventory rebuilding had already been accomplished in the prior quarter. But inventory rebuilding remained a surprisingly important factor in the most recent GDP report.

This is not bad, but may not be sustainable. Surely, it will be a far smaller factor in second quarter growth, which leaves us uncertain about the amount of growth our economy may be able to muster from April through June of this year with less growth from inventory rebuilding. The GDP report, in other words, really doesn’t supply the clues needed to forecast short-term economic growth (or, should it occur, contraction).

This uncertainty increases the markets’ vulnerability each day as investors seek a trend or a trend-making force and settle on one issue or news story one day, and another on the next day. A strong, sustained real estate (and overall economic) recovery will depend on more certainty and confidence regarding employment growth and consumption, among other indications of recovery. Without that, the markets may remain very volatile, lacking clear direction so long as growth in the near-term future remains so uncertain.

Wednesday, March 3, 2010

Foreclosure Newsletter

Foreclosure activity decreases 10 percent in January

Overall activity up 15 percent from January 2009, REOs up 31 percent from January 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 315,716 U.S. properties in January, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009, according to the RealtyTrac U.S. Foreclosure Market Report. The report also shows one in every 409 U.S. housing units received a foreclosure filing in January.

REO activity nationwide was down 5 percent from the previous month but still up 31 percent from January 2009; default notices were down 12 percent from the previous month but still up 4 percent from January 2009; and scheduled foreclosure auctions were down 11 percent from the previous month but still up 15 percent from January 2009.

“January foreclosure numbers are exhibiting a pattern very similar to a year ago: a double-digit percentage jump in December foreclosure activity followed by a 10 percent drop in January,” said James J. Saccacio, chief executive officer of RealtyTrac “If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works.”

Nevada, Arizona, California, Florida post top state foreclosure rates
Despite a year-over-year decrease in foreclosure activity of nearly 18 percent, Nevada’s foreclosure rate remained highest among the states for the 37th straight month. One in every 95 Nevada housing units received a foreclosure filing during the month — more than four times the national average.

A 4 percent month-over-month increase in foreclosure activity boosted Arizona’s foreclosure rate to second highest among the states in January. One in every 129 Arizona housing units received a foreclosure filing during the month.

Foreclosure activity decreased by double-digit percentages from the previous month in both California and Florida, and the two states registered nearly identical foreclosure rates — one in every 187 housing units receiving a foreclosure filing. California’s foreclosure rate was statistically higher by a slim margin and ranked third highest among the states while Florida’s foreclosure rate ranked fourth highest.

With one in every 231 housing units receiving a foreclosure filing, Utah registered the nation’s fifth highest state foreclosure rate despite a nearly 12 percent month-over-month decrease in foreclosure activity.

Other states with foreclosure rates among the nation’s 10 highest were Idaho, Michigan, Illinois, Oregon and Georgia.

Six states account for nearly 60 percent of national total
California, Florida and Arizona posted the three highest state totals in terms of properties receiving foreclosure filings in January, and together those states accounted for more than 44 percent of the national total.

Illinois posted the nation’s fourth highest total in January, with 18,120 properties receiving a foreclosure filing during the month — a nearly 2 percent increase from the previous month and a 25 percent increase from January 2009.

Michigan posted the nation’s fifth highest total, with 17,574 properties receiving a foreclosure filing, and Texas posted the sixth highest total, with 12,225 properties receiving a foreclosure filing.

Other states with totals among the 10 highest in the country were Nevada (11,854), Georgia (11,274), Ohio (11,105) and New Jersey (6,146).

Phoenix only top 10 metro area to post monthly foreclosure increase
Phoenix foreclosure activity increased nearly 4 percent from the previous month, and one in every 102 Phoenix housing units received a foreclosure filing during the month — the second highest foreclosure rate among metropolitan areas with a population of at least 200,000. Phoenix was the only metro area among the top 10 to post a month-over-month increase in foreclosure activity.

Las Vegas documented the highest metro foreclosure rate, with one in every 82 housing units receiving a foreclosure filing, despite a nearly 2 percent decrease in foreclosure activity from the previous month and a nearly 21 percent decrease in foreclosure activity from January 2009.

Six California cities registered foreclosure rates among the top 10: Modesto at No. 3 (one in every 107 housing units); Stockton at No. 4 (one in 107); Riverside-San Bernardino-Ontario at No. 5 (one in 109); Merced at No. 6 (one in 109); Vallejo-Fairfield at No. 7 (one in 112); and Bakersfield at No. 8 (one in 118).

Two Florida cities rounded out the top 10: Cape Coral-Fort Myers at No. 9 (one in 121); and Orlando-Kissimmee at No. 10 (one in 143).

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News Letter on Foreclsures

Nationwide Agent Network
Carol Cross
Yanick Realty
7004 SW Busch Street, Palm City, FL 34990
“I am available to assist you in purchasing a foreclosure property or another property bestsuited to your needs. I am here to act as your local real estate specialist.”

Phone: 772-283-6582 Email:
February 2010 Vol 4 Issue 5
Download PDF File

6 month National Foreclosure Trends


Search for Investment Properties>

Foreclosure filings were reported on 315,716 U.S. properties during January, a decrease of nearly 10 percent from the previous month but still 15 percent above the level reported in January 2009, according to the RealtyTrac January 2010 U.S. Foreclosure Market Report. REO activity nationwide was down 5 percent from the previous month but still up 31 percent from January 2009; default notices were down 12 percent from the previous month but still up 4 percent from January 2009; and scheduled foreclosure auctions were down 11 percent from the previous month but still up 15 percent from January 2009.
Complete Story
Best to buy before new FHA guidelines take effect
By Octavio Nuiry, RealtyTrac Staff Writer
Starting in early summer, the Federal Housing Administration is tightening lending standards in an effort to bolster its dwindling reserves. The new lending standards will make it tougher for some prospective buyers to purchase a home by requiring a higher down payment than the typical 3.5 percent for some borrowers, higher insurance premiums and reduced seller concessions. Securing FHA-insured mortgages are attractive to borrowers because down payments are only 3.5 percent. Most conventional loans now require 20 percent down, keeping many creditworthy borrowers on the sidelines. Complete Story
Here are some of the most recent Investment opportunities in the area.
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SW Parkgate Blvd
Palm City,
FL 34990

Market ValueDefault Amount$231,349N/ABeds/BathSq. FT3/22,741
Property Type Address Market Value Default Sq. Ft.
Bank-Owned SW Villa Pl,
Palm City, FL 34990 $1,000 N/A 1,346 GET DETAILS
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View more properties in Martin County

Why Borrowers Are Welcoming Foreclosure
Which would you rather lose, your home or your credit cards? It's a choice most of us would prefer not to face, but for some the answer is that they would rather hang onto their plastic. In a new study of 27 million credit records, TransUnion says that since 2008 credit card delinquencies have been lower than mortgage payment delinquencies. “This 'flip' is representative of the change in the conventional wisdom around the payment hierarchy, or which debt obligations consumers would choose to pay first,” according to the company. Foreclosure, it seems, is no longer the stain it once was.
Complete Story

Foreclosure Trends : December, 2009
National Florida Martin CTY
NODs 96,765 0 0
NTSs 219,090 2 0
NFSs 79,810 33,504 159
LISs 151,344 66,984 523
REOs 196,460 17,681 84

Notice of Default (NOD)
A non-judicial document filed by a trustee that starts the foreclosure process. More about NOD
Lis Penden (LIS)
Notification of pending lawsuit. A judicial document filed by an attorney or trustee that starts the foreclosure process. More about LIS
Auction / Notice of Trustee's Sale (NTS)
A filing by notice announcing a public auction. More about NTS
Notice (Judgment) of Foreclosure Sale (NFS)
An order signed by a judge directing to sell the property at public auction. More about NFS
Real Estate Owned (REO)
The final step in foreclosure process in which property ownership returns to lender. More about REOs

30 yr fixed mtg 5.05% 15 yr fixed mtg 4.40% 5/1 ARM 4.16%

Tuesday, March 2, 2010

Get informed!

Mortgage delinquencies hit new record

NEW YORK – March 2, 2010 – TransUnion said Monday that customers at least 60 days past due on their mortgage payments rose to a new record in the fourth quarter.

The credit data provider said 6.89 percent of mortgage borrowers were at least two months behind on payments during the fourth quarter. It was the 12th straight quarter the delinquency rate rose.

The delinquency rate, which is seen as a precursor to foreclosures, was 6.25 percent during the third quarter and 4.58 percent during the final quarter in 2008.

Mortgage delinquencies and defaults remain a major problem facing the economy. A collapse in home sales and prices, as well as rising defaults, helped push the country into recession. Signs of a recovery in the market have been slow and uneven in recent months.

As customers struggled to repay mortgages, they also fell further behind on paying off credit cards. Customers at least three months late on making a credit card payment rose to 1.21 percent during the final three months of 2009. However, average credit card debt fell to $5,434 from $5,729 during the same quarter a year earlier.

While mortgage and credit card delinquencies continued to worsen, auto delinquencies actually improved. The 60-day delinquency rate on auto loans fell 6 percent in the fourth quarter to 0.81 percent, compared with the same quarter a year earlier. The delinquency rate was unchanged from the third quarter.

Auto loan delinquencies could be improving because of more favorable terms and deals in recent months for new cars, including the government's Cash for Clunkers program, Peter Turek, TransUnion's automotive vice president in its financial services business unit, said in a release.

TransUnion tracks the data by randomly sampling 27 million anonymous consumer records every quarter from its national consumer credit database.

Copyright © 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sunday, February 28, 2010


Housing upturn proves elusive

WASHINGTON – Feb. 25, 2010 – The rest of the U.S. economy may be bouncing back, but for the battered housing sector, the hopes of economists and real estate experts are still modest.

“Recovery is probably too strong a word,” First American Funds Chief Economist Keith Hembre says of recent housing data. Call it “stabilization at a lower level.”

Home prices and buying activity are coming back, but only from a disastrous 2009. In the first quarter of 2009, for example, the Standard & Poor’s Case-Shiller National Home Price index dropped 19 percent from the year before. In the last quarter of 2009 – for which data were released on Feb. 23 – the index was down just 2.5 percent from the year before.

“We’re showing signs of the housing market bottoming,” says Michael Strauss, chief economist at Commonfund. “The bad news is we still have a long way to go.” The widely watched S&P Case-Shiller 20-City Composite Home Price index rose 0.3 percent from November to December. But the figure only increased when adjusted for the winter slowdown. Without a seasonal adjustment, home prices fell 0.2 percent from month to month.

Government support to end

Improvements have occurred only after extraordinary efforts by the U.S. government to prop up the housing market. To lower mortgage rates and heal financial markets, the U.S. Federal Reserve has been buying up to $1.25 trillion in mortgage-backed securities. To bring more buyers to market, Congress approved, and then extended, an $8,000 first-time homebuyer tax credit.

“Even with these dramatic efforts to bolster home sales, they’re still languishing at recessionary levels,” says David Rosenberg, chief global economist at investment manager Gluskin Sheff & Associates.

And now comes 2010’s big test for the housing market: The Fed’s mortgage buying will end at the end of March, and the homebuyer tax credit expires at the end of April. What happens without government support?

“I see no evidence that this is a sector that has the capacity to stand on its own two legs,” Rosenberg says. Real estate professionals are worried, too.

Earl Lee is president of Prudential (PRU) Real Estate, which has 2,000 franchised real estate offices in North America and employs 62,000 real estate agents. “The first half of the year will be strong,” Lee says. “The question is what will [the second half] look like.” Without government support, he adds, “the economy is still not strong enough.”

Bright spots

There are bright spots in the housing market, and they’re often in places hardest hit by the bursting of the real estate bubble. In December’s Case-Shiller data, only five cities did not see prices decline before adjusting for the season: San Diego, Las Vegas, Los Angeles, Phoenix, and Detroit. In the upscale Detroit suburb of Birmingham, M. Michael Cotter, a real estate broker at SKBK Sotheby’s International Realty, says he has seen a “rather substantial improvement” in the housing market in the last three months. After local giants General Motors and Chrysler declared bankruptcy last year, Detroit’s already weak real estate market fell into the doldrums.

Now, “there is optimism that we didn’t have a year ago,” Cotter says. Though conditions could be much better, he says, “the economy is starting to right itself.”

Crucial for the housing market in 2010 is the jobs picture and the amount of homes coming onto the market. “At 10 percent unemployment, it’s difficult to think Americans are going to be out there on the market for homes,” says Brian Levitt, an economist at OppenheimerFunds. The U.S. unemployment rate was 9.7 percent in January, and economists expect it to edge up to 9.8 percent in February.

Foreclosure supply

Another concern is how many foreclosed houses will be pushed onto the market in 2010, flooding markets with unwanted supply. “There is a fair amount of shadow supply waiting in the wings,” Hembre warns.

A Feb. 16 analysis by Standard & Poor’s estimated the number of troubled mortgages “will likely take about 33 months – or nearly three years – to clear at the current rate of liquidations.”

A recent slowdown in foreclosed homes is temporary, the report said. The state of the housing market has large ramifications for the rest of the economy. Home Depot (HD) Chairman and Chief Executive Francis Blake often notes the impact of residential real estate spending on his company’s business. After the No. 1 home-improvement retailer reported earnings on Feb. 23, Blake told analysts such spending “has stopped its dramatic and historic decline.” However, he added, “the housing industry remains at distress levels, mortgage defaults continue to increase, unemployment remains high, and our pro customers” – contractors who buy supplies at Home Depot – “are still under pressure.”

Sales of furniture, appliances, and electronics all are linked to housing, economists note. And home prices can weigh on consumer confidence, which unexpectedly fell on Feb. 23 to its lowest level since April.

“It will be very difficult to have a strong economy without housing kicking into gear,” Rosenberg says.

Action Economics Chief Economist Michael Englund is not so gloomy. He says housing is “on a slow but steady recovery,” driven in part by the natural life cycle as people form families, move up, and retire and downsize their homes. After the rough conditions of 2009, “my assumption is we have nowhere to go but up from here,” he says.

Sunday, January 3, 2010


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Friday, January 1, 2010

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