Over 1 in 6 Florida Mortgages are Behind on Payments!

Why are so many home owners in Florida behind on mortgage payments?   I believe its due to several factors:

  1. Tops in underwater home owners:  The more home owners underwater, the more home owners attempting to refi, apply for one of the many jokes of government assistance, short sale, etc.  
  2. Requirement to be delinquent for modification:  That's right, most of the "help" available to home owners struggling to make payments REQUIRE a home owner to be behind on payments.  Crazy, but true.  
  3. Requirement to be delinquent for short sale:  That's right again, most of the banks and investors (including our government Fannie and Freddie) have required home owners to be late on payments in…

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Another happy home seller gets a short sale approval from Bank of America!

This one took several months, and we had to wade through the normal Bank of America mis-direction and re-direction with a little bit of red tape.  It pays to know the system!

Sellers got out due to a military relocation and were forgiven of any future debt obligations from the deficiency balance.  Congrats!

As a matter of fact, the mass majority of our Sellers in 2012 were able to short sale and be relieved from either all or the major majority of their deficiency balance.  I think we will continue seeing this trend in Florida as both Fannie and Freddie have just revamped their short sale process......again.  

Need to short sale a Bank of America mortgaged home?…

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Despite all the rosy reports on a booming housing market nationwide, we can't put lipstick on a pig forever here in Jacksonville!

Foreclosure activity may be down overall nationwide, but some of the largest cities have seen a sharp increase in foreclosure filings.  New York, Tampa, Chicago, etc.  Check out this report from Business Insider on Foreclosures.  Also see the main source at Realty Trac.  

And Sunny Jacksonville Florida's Foreclosures?  Not so good either:

#10 Nationwide for the highest foreclosure activity.

1 out of every 100 homes received a foreclosure filing in Q3 2012

Properties with foreclosure filings:    5,984

Change from Q2 2012:   +44.09 percent  (That's UP 44%)

Change from Q3 2011:  +32.48 percent  (That's UP 32%…

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Another happy short sale customer!

The Nationstar Short Sale is not one of the easiest but they are 100% doable.   This particular short sale had a previous buyer that wouldn't meet the bank's counteroffer, which is very common, but we quickly found another buyer who made a higher offer.

That higher offer was countered by Nationstar, only to have the buyer stay firm with their price and supplying a contractor's list of repairs needed.  Nationstar accepted the offer, and we closed within a few weeks.

The key to a successful short sale with Nationstar:

  1. Experienced Short Sale Listing Agent.
  2. Experienced Buyer's Agent.
  3. Realistic offer price.
  4. Buyer who will give it the needed time for approval.
  5. Buyer and Seller who will both act…

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Interesting read here:  You Walk Away Blog.  

The article linked above has a lot of info about why the housing market is still in trouble.  Undoubtedly, we all know that right?  Well, most of us realistic real estate professionals know this and don't pretend to blow smoke about how great the market is.  

Don't get me wrong, this market is great if you are a Home Buyer in Jacksonville, but as a Seller of a home in Jacksonville Florida - not so good!

2 big points I see from this article:

  1. 11-19 million homeowners are still underwater.  That's a lot of homeowners, and considering Florida was one of the biggest over valued real estate markets in the country, a large portion of those millions under water belong to us Floridians.  Jacksonville is…

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A hot topic surrounding short sales is the potential credit impact that will happen after short selling. 

There is no doubt that a short sale will impact your credit.  In fact, it's reported the same way a Foreclosure is reported on your credit report.  Most of our short selling customers have either already stopped paying the mortgage or are just about to run out of cash and will have to stop paying at some point in the near future. 

Why do a short sale instead of just letting it foreclose? 

  1. Deficiency balance:  In Florida the bank has the right to collect on the deficiency (amount owed vs amount the home sold for in a short sale or a foreclosure sale) for UP TO 5 YEARS after the sale happens!  Ouch, that's a lot of time!  So:
    • In a short…

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Bank of America Short Sales are finally speeding up! 

Several BOA Short Sale approvals as of lately and I can't help but notice they are picking up the pace..........FINALLY.

Is it due to their processes finally getting in check? 

Is it their preemptive planning for the major speed up in short sales coming in November? 

Is it just that they've been doing mass quantity for 5 years now and they finally have their act together? 

Don't know.  But for whatever the reason - I don't care, I'm just very happy for my short sale customers who are doing a Bank of America Short Sale. 

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It's like a tale of 2 markets: On one side:  Reports of limited inventory of homes for sale causing price increases and multiple offers. On the other side:  This graph below pulling some equally credible source:  Trulia Housing Misery Index. My take:  We just aren't out of this trouble yet.  Regardless of the national real estate market, we here in Jacksonville Florida were one of the hardest hit areas in the bubble burst.  Prices increased well beyond what they did in most areas of the country, therefore we are seeing this huge decline in prices.  

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Interesting chart showing the real estate market shift currently happening.  This highlights the Average Days On Market and the Median Price for homes in Jacksonville.
4 Informational Points about the Jacksonville Real Estate Market:

  1. Shifting Market:  The first time in 3 years that you see the intersection of the Median Price trend line going up and the Average Days on Market going down.  This trend could continue for quite some time as we are hitting a lower inventory time period of the year.....Fall and Winter.
  2. Economics 101:  This chart illustrates what a limited supply of homes for sale can do to the local real estate market.  Limited supply of homes hitting the market, but why?  One theory exists that banks have less homes in their…

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