Gay Real Estate News

Mortgage rates rise as housing ends year on high note

The Miami Realtors is now using the Fannie Mae short sales assistance desk pilot program to streamline the process for South Florida agents.

By adding the program, the trade group is giving its 26,000 members access to a short-sale system with bilingual tools. Short sales currently represent about 30% of all active real estate listings in South Florida, the trade group said.

The assistance desk addresses servicer non-response issues and tracks information on second liens and mortgage insurance.

"As the largest local Realtor association in the nation, we are excited to be able to offer all of our members in South Florida the Fannie Mae SSAD," Miami Realtors Chairman Martha Pomares said. "The SSAD benefits realtors, buyers and sellers, and the local real estate market by expediting short sales, which will further decrease housing inventory and strengthen the South Florida marketplace."

The association also plans to provide Fannie Mae with data on sales to improve property appraisals and help make the short-sale approval process work at a faster pace.

 

The author of this article is: Kerry Curry 

 See the original post at: http://www.housingwire.com/2012/01/26/miami-association-of-realtors-using-fannie-mae-short-sale-tool

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6 Most Stressful American Cities

Some cities are known for having more stress than others. Sperling’s Best Places recently ranked the most stressful cities in the country, taking into account such factors as unemployment, suicide rate, divorce rate, commute times, crime, mental health, and the number of cloudy days, among other factors. 

Florida cities appeared the most in the top 10. 

“I was shocked by the concentration of Florida cities clustered in the top ten,” Bert Sperling, lead researcher, said in a statement. “But when we look into the statistics, we can see some of the reasons,” such as high levels of divorce, suicide, unemployment, and stress from a sluggish housing market. 

The following are the cities that topped Sperling’s “Most Stressful City” list for 2012, as well as a few factors contributing to the city residents’ unease. 

1. Tampa-St. Petersburg-Clearwater, Fla.: A high suicide rate was among the most notable stress factors for Tampa.

Divorce rate: 12.3%
Commute time: 28.3 (minutes)
Unemployment: 11.2%
Violent crime (per 100,000 population): 500

2. Las Vegas-Paradise, Nev.: It emerges on top for highest divorce rate in the nation.

Divorce rate: 13.2%
Commute time: 27 (minutes)
Unemployment: 14%
Violent crime (per 100,000 population): 763.4

3. Miami-Miami Beach-Kendall, Fla.: The city’s stress is mostly blamed on a high number of violent crime rate and high alcohol consumption.

Divorce rate: 11.5%

Commute time: 33.2 (minutes)

Unemployment: 12.5%

Violent crime (per 100,000 population): 733.3 

4. Jacksonville, Fla.: One of the city’s top stressors is its high divorce rate.

Divorce rate: 12.3%
Commute time: 28 (minutes)
Unemployment: 10.4%
Violent crime (per 100,000 population): 557 

5. Detroit-Livonia-Dearborn, Mich.: The city is in the 100-percentile in the nation for the most violent crime and property crime.

Divorce rate: 11.4%

Unemployment: 15.7%

Commute time: 27 (minutes)

Violent crime (per 100,000 population): 1111.2 

6. Orlando-Kissimmee, Fla.: The city has a high number of property crimes, which contributes to its stress.

Divorce rate: 10.7%

Commute time: 29.6 (minutes)

Unemployment: 10.4%

Violent crime (per 100,000 population): 613.7

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/01/25/6-most-stressful-american-cities

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Agent, Buyer Robbed at Gunpoint During Open House

The Pacific West Association of REALTORS®, based in Anaheim, Calif., issued a warning to its members in the Orange County area to be on alert after a real estate agent and a potential home buyer were robbed at gunpoint by two men during an open house. 

No one was injured, police say. Police say they believe the robbers had targeted the buyer, who was carrying a large amount of cash on him. 

According to police reports, the female agent was holding an open house for a listing when the two men entered the home, and asked to look around. The men then revealed a gun and ordered the agent and buyer to get on the floor. The men fled with their wallets, keys, and cell phones. 

“There’s been murders and robberies and all those things at open houses … and we felt it’s important to make sure our members are aware of these things,” Nancy Gilmore, PWR CEO, told The Orange County Register. PWR recommended agents take extra caution when showing homes, including inspecting homes when they enter, identifying escape routes, and having their cell phones always nearby to call for help when needed. 

Since the foreclosure crisis began in 2008, more than 100 workers in the real estate profession have been killed while on the job, according to the Bureau of Labor and Statistics.

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/01/24/agent-buyer-robbed-gunpoint-during-open-house

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FHFA home prices fall 1.8% in November

Home prices declined 1.8% in November from a year earlier in the latest Federal Housing Finance Agency price index.

The seasonally adjusted index rose 1% from October, when prices fell a revised 0.7% on a monthly basis.

The FHFA calculates its index using the purchase price of mortgages sold to or guaranteed by Fannie Mae or Freddie Mac.

November prices were 18.8% below the April 2007 peak, and equated to February 2004 levels. (Click chart to expand.)

Only two regions saw prices increases in November from a year earlier. Prices rose 2.1% collectively in Arkansas, Louisiana, Oklahoma and Texas, and 0.1% in the region of North Dakota, South Dakota, Minnesota, Nebraska, Iowa, Kansas and Missouri.

The steepest year-over-year decline of 4.2% came in the Pacific region of Hawaii, Alaska, Washington, Oregon and California.

 

The author of this article is: Andrew Scoggin 

 See the original post at: http://www.housingwire.com/2012/01/25/fhfa-home-prices-fall-1-8-in-november

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Appeals court upholds MERS right to assign, foreclose on a mortgage

Mortgage Electronic Registration Systems Inc. has the right to assign a security deed and foreclose on a property that becomes part of the securitization process, the U.S. Court of Appeals for the 11th Judicial Circuit held in a new opinion.

In Smith v. Saxon Mortgage Services, the 11th Circuit in Atlanta agreed with U.S. Magistrate Judge Janet F. King in her finding that the language included in a Georgia security deed gives MERS the authority to act on behalf of current and future owners of the mortgage.

That distinction is significant since Reston, Va.-based company is the main recording system used to document the transfer of mortgages throughout the securitization process.

"A significant body of clear and specific federal case law is coming together with this decision from the 11th Circuit Court of Appeals, along with favorable rulings" from six other appellate courts and U.S. District Courts," said Janis Smith, vice president of corporate communications for Merscorp Inc.

"The 11th Circuit’s ruling underscores the soundness of MERS’ business model by solidifying the legality of MERS’ role in the security deed, explaining how that role came about, and clarifying MERS’ power to act on behalf of the lender," according to Smith.

 

The author of this article is: Kerri Panchuk 

 See the original post at: http://www.housingwire.com/2012/01/24/appeals-court-upholds-mers-right-to-assign-foreclose-on-a-mortgage

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What Buyers, Sellers Want From Real Estate Agents

A recent panel at a Real Estate Conference last week gave buyers and sellers the chance to share their first-hand insights into what they really think about working with real estate agents. Here were some of the tips the consumers had for agents, according to a recent article at Inman News: 

Educate but watch your delivery: Home buyer Dora M. Abreau said at the conference that when something unexpected comes up in the buying process, she doesn’t like it when agents say: "’Oh, you didn't know about that?’ ... That's why I'm coming to you — for professional expertise and advice on the process," Abreau said. 

Build trust: Home buyer Matthew Cavnar said that trust is the most important trait when choosing a real estate agent. He said one way agents can build trust is if they take time to carefully listen to the customer’s priorities. Cavnar says that he sometimes felt like agents had a set checklist of properties they wanted to take him too, regardless of his priorities. 

Be accessible: Cavnar said that the agent he chose  "made himself very accessible and his communication by e-mail" was frequent.

 

The author of this article is: realtormag.realtor.org

 See the original post at: http://realtormag.realtor.org/daily-news/2012/01/23/what-buyers-sellers-want-real-estate-agents

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Housing inventory drops 35% in Florida's Broward County

Buyers hunting for property in Broward County, Fla., cut into the area's housing supply in December, culling inventory levels by 35%, according to a new report from the Miami Association of Realtors.

International investors maintained a strong presence in the market, with cash sales accounting for 38% of all single-family sales. The new report claims 90% of international buyers acquired their Fort Lauderdale properties in cash during the December period.

In addition, single-family home sales grew by 9% from 996 in December 2010 to 1,082 last month, according to data from the Miami Association of Realtors and the local Multiple Listing Service systems.

The home inventory level in Broward County fell 35% from 19,899 homes in December 2010 to 12,997 during the same month of 2011.

"Dwindling housing supply in Broward County is indicative of strong demand and points to future market strengthening," said Rick Burch, 2012 president of the Broward County Board of Governors of the Miami Association of Realtors. "The presence of international buyers combined with an improving economy and job market will result in further growth and strengthening in Broward County."

The median sales price for single-family homes in Fort Lauderdale hit $189,600 in December, up 7% from December 2010.

About 46% of all closed residential sales in Broward County were classified as distressed, down from 55% in December 2010 and 48% from the previous month.

 

The author of this article is: Kerri Panchuk 

 See the original post at: http://www.housingwire.com/2012/01/23/housing-inventory-drops-35-in-floridas-broward-county

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