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You can now reach my website on your mobile phone by texting to 88000 message GRE4 - Give it a try!! Tony Groza
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Lenders Warn Foreclosure May End in Lawsuit The housing crisis will spark a wave of lawsuits filed by lenders seeking to recoup loses on home sales and foreclosure auctions that do not return enough money to pay the mortgages in full, according to real estate and legal experts. Experts predict that mortgage companies will begin to sue home owners in the next two years, including borrowers who ransack a house that has been lost to foreclosure and those who walk away from "underwater mortgages," with hopes of discouraging others from such behavior. Lenders are unlikely to target borrowers who negotiate in good faith or have defaulted on their home due to job loss or other unforeseen circumstances; other borrowers could be hounded by collection agencies that have purchased their mortgage debt from their lender. Source: RISMedia (06/08/10) Now may be a good time to talk about a short sale!!
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Go to my website www.tonygroza.com and check out my new listing in Jensen Beach - you WILL love this one!! Until next time, Tony G
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In the simplest terms, short sales are a last hope for people looking to avoid foreclosure. The biggest advantage to a short sale is that it helps the distressed homeowner avoid a foreclosure, which is crucial since foreclosures are one credit item that are almost impossible to repair. Foreclosures stay on your history forever and affect your credit score as well as your present employment and the hiring process for a new job. Many people think short sales can be used as an alternative for homeowners who find themselves in trouble with their mortgage payments, but they are only an option for sellers who are either in a foreclosure already, or are headed toward one. It is important to understand the difference between dissatisfied homeowners- those who are simply upside down with their mortgage and are facing hardships- and homeowners who are in trouble.
Want to know more about short selling your property? Give me a call, I can get you through the entire process.
Until Next Time,
Tony Groza
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Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months.
Till Next Time, Tony Groza
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More than 90% of consumers believe that the home buyer tax credits have helped both first-time home buyers and the U.S. housing market overall. Among consumers actually shopping for homes, 65% believe that the end of the tax credits will have little or no effect on their interest in purchasing a home. While consumers remain unsure about the direction of the housing market, the survey reveals that they are optimistic about real estate values with 46% of consumers expecting real estate prices in their area to increase over the next year. Just 12% expect prices will decline. Over the next five years, 79% expect real estate prices to increase, with 20% expecting prices to increase substantially. Till Next Time! Tony
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Housing Analyst says 'Worst Is Over'
Housing has slowed to the point where demand is again outstripping supply, says Metrostudy founder Mike Castleman.
Overall, Metrostudy and Castleman believe the worst is over. "The good news is that builders will need to build a lot more houses than last year to keep up with demand. That will help the economy by creating jobs," Castleman says.
Time to buy while the rates and housing prices are low!! Until next time, Tony
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I want to help clarify some information people are reading in the news paper. I have done some research on the number of homes for sale in Port Saint Lucie. As of 3/10/2010: Current listings in Port Saint Lucie: 1988 Active: 1599 New: 154 Price Change: 163 Back on Market: 72 Sold in last 90 days: 1093 New - Property was just entered into the system. Price Change - Property has had an adjustment in the price. Back on Market - Property was in contract, and now is back on the market. Sold in MLS from 10/1/2009 to 12/31/2009: 3/2/2 1500-1600 SF - Medium selling price - $93,900 Sold in MLS from 1/1/2010 - 3/11/2010 3/2/2 1500-1600 SF - Medium selling price - $100,000 We, in Port Saint Lucie, do not have an over abundance of homes for sale. If you are interested in buying, you need to act now. The prices are going up!! Call today! Until next time, Tony
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WASHINGTON – Jan. 25, 2010 – At-risk homeowners with FHA-insured mortgage loans are now eligible for loss mitigation assistance before they fall behind on their mortgage payments. Previously, homeowners weren’t eligible until they missed payments.
The Helping Families Save Their Home Act of 2009 expanded FHA’s authority to use its loss mitigation tools to assist FHA borrowers avoid foreclosure, including those facing “imminent default” as defined by the Secretary.
“Loss mitigation assistance is beneficial to both borrowers and FHA because it helps borrowers retain their homes while protecting the FHA insurance fund from unnecessary losses,” says FHA Commissioner David Stevens. “Now servicers will have additional options for those borrowers who seek help before they go delinquent.”
The change is effective immediately under (http://www.hud.gov/offices/hsg/sfh/nsc/rep/hampfact.pdf) with the following rules:
read the rest at: http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=230696 Until next time, Tony
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FHA To Toughen Down Payment Rules
The Federal Housing Administration will raise the minimum down payment for its least credit-worthy borrowers, agency announced Tuesday.
Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.
The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum. The amount it will seek has yet been announced.
If you are interested in buying, you better do it. Let me help you on your journey! Untill next time, Tony
Source: Reuters News, Corbett B. Daly (01/19/2010)
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Education report ranks Fla. schools 8th nationwide
MIAMI (AP) – Jan. 19, 2010 – A new education report ranks Florida schools eighth nationwide.
Education Week magazine’s annual education report card looked at six areas of policy and performance, including school finance, student achievement and accountability. Florida earned a B-minus overall, the same grade it earned in 2009.
Florida was ranked fifth nationwide in academic standards and school accountability. Its lowest marking came in school finance, in which Florida ranks 31st.
Several parents and two advocacy groups have sued state officials, accusing them of violating a state constitutional provision to provide “high quality” education for Florida children and not spending enough money on public schools.
Doesn't seam so bad. Maybe we need to look at the possitive side of things!! Until next time Tony
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PSL Botanical Gardens set to celebrate Arbor Day The public is invited to the celebration of Florida Arbor Day on Friday, Jan. 15 from 10 to 11 a.m. on the grounds of the Botanical Gardens. Get details
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It is a new year and if you have not bought a home and have any desire to buy one in the next few years you better act now. We all know prices are going up! Send me an email and I can help you! Until next time Tony
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Mortgage Applications Rise Over Thanksgiving
Mortgage applications rose last week, according to the Mortgage Bankers Association weekly survey.
On a seasonally adjusted basis, mortgage loan applications increased 2.1 percent compared to the previous week. The seasonally adjusted purchase index increased 4.1 percent from the previous week, while the refinance index rose 1.7 percent.
On an unadjusted basis – reflecting the Thanksgiving holiday – the purchase index decreased 30.4 percent compared with the previous week and was 34.9 percent lower than it was the same week a year ago.
Mortgage rates continued to decline, with 30-year fixed rates reaching their lowest level since May.
30-year fixed-rate mortgages decreased to 4.79 percent from 4.82 percent;
15-year fixed-rate mortgages decreased to 4.27 percent from 4.32 percent;
1-year ARMs decreased to 6.56 percent from 6.66 percent.
Do miss out on this opportunity to buy a home before rates and regulations on loans get worse!! Until next time, Tony
Source: Mortgage Bankers Association (12/02/2009)
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