Adkins Florida Group

Foreclosure Sales Still Pummeling Home Prices

jadkins — Mon, 26 Dec 2011 16:35:16 +0000

Foreclosures still weighing heavily on home prices. 46% of homes sold in November were short sales or REOs (Real Estate Owned by the Bank) according to a survey by Campbell/Inside Mortgage Finance. One problem: Distressed homes sell for a lot less than homes sold by conventional sellers.

The average price for a short sale (when borrowers owe the bank more than their homes are worth) was $209,000 in November. For a regular sale, the average was about $259,000. The numbers are lower for REO sales, which averaged about $190,000 for properties in move-in condition. For a damaged REO, the price was just $99,000. That’s a common problem, since homeowners who’ve been foreclosed on don’t typically devote resources to upkeep.

There is no shortage of distressed properties: More than 6 million borrowers are delinquent 30 or more days, according to LPS Applied Analytics. Two million are already in the foreclosure process, and most of these homes will be repossessed or sold as short sales. Lenders don’t like to issue mortgages for homes in need of extensive repairs. And in an insidious twist, as distressed properties are sold, they can also bring down the price of homes that aren’t in trouble. That’s because mortgage appraisers assessing a regular home’s value typically compare it to short sales and REOs in the area. Since distressed properties sell for so much less, using them as comparables drags the appraised values of regular homes way down. Home price forecasts: Your local market tracked “It’s the No. 1 reason why transactions fall through,” said Cecala. “If you can’t get an appraisal to support the price, the deal will won’t close.” View this article on CNNMoney and Yahoo Finance

http://finance.yahoo.com/news/foreclosure-sales-still-pummeling-home-104500106.html

This Week in Mortgage Rates 8/1/2011

jadkins — Mon, 01 Aug 2011 14:50:09 +0000

Below are today’s interest rates. With so much uncertainty in the financial markets, the rates will continue to be very volatile this week and can certainly climb rapidly without any notice.Conventional 30 year fixed - 4.375%   Conventional 5/1 ARM - 2.75%FHA / VA / USDA - 30 year fixed - 4.25% (more…)

Florida Scores Well In Latest Review Of U.S. Economy.

jadkins — Thu, 28 Jul 2011 18:39:30 +0000

Florida was a stand-out in the Federal Reserve’s latest report on real estate in the Southeast region of the United States.

Amid gloomy reports from brokers in the Fed’s Atlanta district, authors of the closely watched economic report card noted Florida was bucking the trend and reporting positive news.

This has been a running theme in the Fed’s monthly Beige Books, with sales of Florida homes outperforming the rest of the South. In tempered language for its July report, the Fed said the Atlanta district’s reports of modest growth in home sales over the prior year came thanks to the Sunshine State.

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Manatee Clerk of Courts warns of unnecessary expenses

jadkins — Tue, 26 Jul 2011 03:02:33 +0000

Some Manatee County homeowners are receiving letters from companies offering to sell them a certified copy of their deed. These copies are being offered for prices ranging from $50 to $100 per deed. The letters periodically appear in Manatee County and are often concentrated in a specific zip code or neighborhood, so that neighbors receive the letters at the same time.

“Your deed is a public record and is permanently maintained and preserved by the Manatee Clerk of Circuit Court and County Comptroller’s Office,” says Clerk R. B. “Chips” Shore. “You do not have to pay a private company for a copy. You can view and print, for free, a non-certified copy of your deed from our website:

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Found Real Estate Tax in Obamacare

jadkins — Sat, 23 Jul 2011 01:46:18 +0000

“I can make a firm pledge. Under my plan, no family making less than $250,000 a year will see any form of tax increase. Not your income tax, not your payroll tax, not your capital gains taxes, not any of your taxes,”
President Obama, September 12, 2008

Starting the first day of the year in 2013, ObamaCare creates a 3.8% Medicare tax on unearned income, including the sale of real estate.

In February of 2010, appx. five million homes were sold, according to the National Association of Realtors. On any given day, the sale of a house, townhome, condominium, co-op, or income from a rental property can make middle-income families go over the $250,000 level and force them with a new tax they can not afford.

This new ObamaCare tax is the first time the government will apply a 3.8 % tax on unearned income. This new tax on home sales and unearned income and other Medicare taxes raise taxes more than $210 billion to pay for ObamaCare. The National Association of Realtors called this new Medicare tax on unearned income “destructive” and “ill-advised” and warned it would hurt job creation.

FYI - A Realtors Code of Ethics

jadkins — Thu, 14 Jul 2011 15:35:24 +0000

How does the Code of Ethics affect everyday real estate practices?

If a REALTOR® represents you, whether you are buying or selling a home, you can count on that REALTOR® to: (more…)

List of Common Real Estate Terminology A-Through-D

jadkins — Thu, 14 Jul 2011 13:51:47 +0000

Abstract of Title

The summary of the public records relating to the ownership of a particular piece of land. It represents a short legal history of an individual piece of property from the time of the first recorded transfer to present.

Acceptance

Consent to an offer to enter into contract. (more…)

When Is A Good Time To Buy Real Estate For Rental Purposes? — NOW!

jadkins — Thu, 14 Jul 2011 13:32:08 +0000

If you’re thinking about investing in a rental property, experts say low home prices paired with low interest rates make this the best time in years to become a real-estate investor. (more…)

Property Taxes in Sarasota Will Not Increase For Some

jadkins — Thu, 14 Jul 2011 13:25:01 +0000

Some homeowners in Sarasota County will not see an increase in their tax rate come, unless they live in one of a couple dozen special taxing districts that are raising their property tax rates. (more…)

10 Things Before Selling Your Home

jadkins — Wed, 13 Jul 2011 20:31:19 +0000

Some great tips before you sell your home! (more…)