Palm Beach County Makes The Top 5 Highest Asking Prices In The Nation

real estate market South Florida, short sales, Palm Beach County short sale, Broward County short sales, Miami-Dade County short sale

The real estate market in South Florida has increased substantially over the last couple of years.

Palm Beach County home sellers are putting big price tag on their homes. According to Trulia.com the asking prices for the properties have increased 14.5 percent in the area compared to August of last year. They are the fourth raking region in the nation. Lakeland took third place with 14.8 percent increase, and Birmingham, Alabama and Miami-Dade County tied at 15.6 percent. Broward County only increased 10.4 percent, ranking at 24th in the nation.

South Florida’s home prices were at their lowest in 2011 but have been firmly augmenting from year to year due to investors and other buyers. However, home prices have started to attune in the recent months. The data accumulated by Trulia is based on townhomes, condominiums, and single-family homes within the 100 biggest regions in the nation. Trulia also stated that the majority of the locations throughout South Florida whose prices enlarged the most were also the most affected areas during the crash of the real estate market. This is called the “rebound effect”.

Another reason for the prices of properties increasing is due to the strengthening of the work force and the delayed foreclosures finally pushing forward in Florida. Because foreclosures usually bring down the prices of homes in surrounding areas the less foreclosure you have in that area the higher the prices of the properties. Although seller are enjoying the enhanced market, some are not getting carried away and asking well more than the property is worth.

Due to low inventory, sellers with properties that are move-in-ready are asking more than the fair amount and the buyers are noticing. Homes that are priced they market value are being sold a lot faster than those who are not. It is not unusual for an overpriced to sit on the market for 30, 60, or even 90 days. When the home doesn’t sell for a while, the price then has to be reduced. Buyers question why a home has been sitting on the market for a while and even more red lags pop up when it has a reduction prices.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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July: A Tough Month With Foreclosures For South Florida

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South Florida had a tough July raking amidst the highest foreclosure rates in the region.

In July, South Florida was among the regions with the highest foreclosure rates in the Country. One in every 421 homes had a foreclosure filing throughout Miami-Dade, Broward, and Palm Beach County. The tri-county is ranked fifth throughout Florida. Palm Bay-Melbourne was among the top with one in every 404 homes in foreclosure, Orlando was second with one in every 357, but Ocala was first with one in every 296 homes. Unfortunately Florida was place at number 1 in July with the highest foreclosures throughout the nation.

RealtyTrac considers repossessions, new law suits, and judgments as foreclosure fillings. South Florida decreased 40 perfect, when compared to last year July, their foreclosure filings with only 5,853. Palm Beach County had an annual decline of 24 percent, Miami-Dade County 44 percent, & Broward County with 49 percent. The highest foreclosure rate from the tri-county area was by Palm Beach County with one foreclosure filing per 352 homes.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Florida Foreclosures Go Up In Over A Year

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Due to the new “fast track” law, foreclosures in Florida are increasing.

Brand new foreclosure filings have gone up 24 percent in comparison to the beginning of the year. This increase is the first annual one since the beginning of 2013 and it is believed that this is part of the foreseen tsunami of homes that will be taken away. There were 6,468 foreclosures in August; a 74 percent boost from July reported RealtyTrac, a company that records foreclosures throughout the country. For the post 11 months, Florida has had the number one spot nationwide for the highest foreclosure cases.

Foreclosure attorneys alongside RealtyTrac contest as to the cause of the expansion of new filings but they coincide that it is most likely a mixture of lenders meeting the new law placed in 2013 where they must provide certain documentation to “fast track” the foreclosure process, a confidence boost by the banks because of the quicker court system in foreclosure cases, and the ending of the federal tax break for short sales.

Regardless of the state increase report provided by RealtyTrac, there was a 17 percent decline in Palm Beach County with only 480 new filings in August 2014 compared to the same time last year reported the Palm Beach County Clerk’s office. There were 55,000 homes countrywide that began the foreclosure process last month, which is a 12 percent increase from July but equal to this time last year.

RealtyTrac associates affiliate the escalation of new cases to the new foreclosure law that began July 1, 2013. The “fast track” law provides lenders a quicker way to foreclose by requiring them to provide certain documentation the moment they file the case which includes the original note and proof that they are the proper party to file a case against the borrower. The lender must file affidavits under penalty of perjury if the note cannot be found and to corroborate the authenticity of the foreclosure.

New filings fell a tremendous 43 percent in August 2013 when the law had only been in place for one month and has remained low. It is believed that due to the requirement for Banks to file affidavits for lost notes, the foreclosures have slowed down; however, it is expected for new filings to increase now that servicers are more acquainted with the requirements of the new law.

One in every 532 homes in Maryland has a foreclosure filing, one in every 524 homes in Nevada, but Florida has one in every 400 homes with a foreclosure filing coming in first place nationally. A South Florida foreclosure defense attorney states that this is the second wave of foreclosure which he has foreseen. However, he believes that the majority of the new filings are directly connected to the termination of the Mortgage Debt Relief Act in which the borrowers would be allowed to exempt pardoned mortgage debt from being considered income, causing homeowner to let their property go to foreclosure instead of doing a short sale.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Good News South Florida: Less Cash Sales

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The decline in cash sales has given people who are in need of loans a chance at getting them even if they have recently done a short sale or gone through bankruptcy.

A report provided by the Realtors Association of the Palm Beaches states that investors, which predominately purchase properties in cash only, are at the lowest point in several years. Cash deals are a characteristic of investors and it helps differentiate them from homebuyers who customarily require mortgages.  These sales went down by 11.5 percent in July compared to the beginning of the year but were only second to the abrupt 12 percent fall off the country recorded in February’s numbers.

In January at least 50 percent of the prospective buyers were all dealing in cash, as opposed to the less than 42 percent in July.  The sales still slowed down although 90 percent of the cash deals in Miami-Dade County were done by overseas buyers. During the first quarter 63 percent of the deals were all closed cash deals in comparison to the 58 percent in the second quarter, declared the Miami Association of Realtors.

However, those that watch the market state that there is another way to suspend the decline.  Since investment properties are doing well, the banks are more willing to give out mortgage loans to those who need it. Commercial properties have had an incline in received financing from lenders in both private equity firms and traditional and now potential homeowners are too thanks to the diminishing cash sales.

Many believe that because banks are offering more loans that it points to a better economical period. Lenders are even providing loans to those who had done short sales or have recently going through bankruptcy.  This is something that was previously unheard of. Now that the real estate market is equalizing, cash sales have slowed down because there aren’t as many bargains as before and real buyers have a fighting chance at getting loans.

Some state that the downside to the decline in cash sales is the longer sale times and the greater the inventory. In July 2013 the inventory was the lowest it had been since 2008 in Palm Beach Country; however, in July 2014 the inventory went up 27 percent. South Florida had the most cash deals in the nation. The research firm RealtyTrac LLC stated that during the second quarter, nearly two-thirds of all property sales were cash sales.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Second Wave of Foreclosure Hits South Florida

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Deficiency judgments are wreaking havoc in South Florida causing the second wave of foreclosures.

Many residents in South Florida are confronting a new wave of foreclosure consequences as banks attempt to secure unpaid mortgage debts from foreclosed homes that were lost years ago. Beginning June 1st nearly 110 alleged deficiency judgments were filed by Dyck O’neal, a Texas-based collection company, in Palm Beach County, 200 in Miami-Dade County, and 300 in Broward County. It is believed that because the deadline changed from 5 years, in order for banks to file a deficiency judgment, to one year this has triggered the hasty lawsuits.  

Deficiency judgments allow the banks or companies that were sold the mortgage debts to, to go after the dividend of what the home was auctioned for and the remaining balance that the homeowner is still accountable for.  The Palm Beach Post found many occurrences where the bank is coming after the previous homeowners for more the $100,000 – a debt that can be seized by means of liens, claiming rights over investment properties, and garnishing your wages.

 

Deficiency judgments are not a new ruling and the possible risk as always hovered over our heads; however, banks saw it as pointless to pursue homeowners with little money and were too overwhelmed by the amount of foreclosure to exercise this ruling. But since the economy has improved lately, lenders have sought this as the chance to collect the debt owed.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

 

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Southwest Florida Bankruptcy Filings have Lowered Tremendously

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Charlotte, Manatee, and Sarasota County have lowered their bankruptcy filings by nearly 50 percent.

A couple of years after the recession, the rate of consumers and businesses filing for bankruptcy have dropped approximately 50 percent in Southwest Florida. Nearly 2,600 companies and residents in Charlotte, Manatee, and Sarasota counties solicited bankruptcy attorneys to defend them against creditor in the last year – this is about half of the bankruptcy filings in 2010. Unfortunately, it is still 500 more bankruptcies filed then when the economy crash in 2007.

Between 2007 and 2010 the bankruptcy filings in the Southwestern region of Florida peaked at about 4,991 cases. The good news is that in the last year 2,595 bankruptcy petitions were proposed in all 3 counties, which have gone down exponentially by 48 percent from the petitions filed at the height of 2010, and it has lowered by a 16 percent rate in comparison to 2012.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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New Law Increases Foreclosures in Palm Beach County

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Palm Beach County is feeling the full force of Florida’s new foreclosure law with an increasing volume of new filings.

July 2014 marks the one year anniversary of Florida’s “Fair Foreclosure Act”. The Florida Legislature passed this law requiring, among other things, the plaintiff to confirm in their foreclosure complaint that they are in possession of all the necessary documents to support their case against the defendant. The law, also referred to as the “Speedy Foreclosure Act” went in to effect on July 1, 2013.

July 2014 forelcosure filings were only increased by a small percentage but have gone up dramatically, 38 percent to be exact, in comparison to last year before the law took effect. 533 new cases were filed in July 2014, increasing by 7.2 percent from the 497 new cases filed in June 2014 and in July 2013 there were 387 cases filed, making a leap of 37.7 percent increased cases in a calendar year. These statistics were given by the Clerk & Comptroller of Palm Beach County where they also house all official records, record all mortgages and deeds for Palm Beach County. There was a substantial decrease in new cases after the law took effect, and the real estate market in Palm Beach County grew stronger because of it.

There was an increase of recorded deeds and mortgages in Palm Beach County in July 2014. In June 2014 there were 6,318 deeds recorded and in July 2014 there were 6,714 deeds, increasing by 6.27 percent; however; in July 2013  6,985 deeds were recorded, decreasing by 3.9 percent. During July 2014  3,460 mortgages were recorded, and in June 2014 there were 3,036 recorded mortgages which is a 14 percent increase; however, there is a 20.6 percent decrease in July 2013 with 4,358 recorded mortgages.

According to Grant Street Group’s statistics, the coordinators of ClerkAuction, 795 properties were sold in the foreclosure auction in July 2014,  620 of those homes were sold back to the Mortgage Company or bank, and the rest of the 175 were taken by third parties. The cancellation rate in July was at 34 perfect with 410 foreclosure sales cancelled from the 1,205 original sales scheduled, which is .6 perfect less than in June with a 34 perfect cancellation rate.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Southwest Florida Bankruptcy Filings Down Substantially

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After years of hardship, the Southwest region of Florida is bouncing back from the recession.

A few years after the peak of the recession, the rate of consumers and businesses filing for bankruptcy have dropped approximately 50 percent in Southwest Florida. Nearly 2,600 companies and residents in Charlotte, Manatee, and Sarasota counties solicited bankruptcy attorneys to defend them against creditor in the last year – this is about half of the bankruptcy filings in 2010. Unfortunately, it is still 500 more bankruptcies filed than when the economy crashed in 2007.

Between 2007 and 2010 the bankruptcy filings in the Southwestern region of Florida peaked at about 5,000 cases. The good news is that in the last year 2,595 bankruptcy petitions were proposed in all 3 counties, which have gone down exponentially by 48 percent from the petitions filed at the height of 2010, and it has lowered by a 16 percent rate in comparison to 2012.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Bank of America’s $17 Billion Settlement.

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The sum of money that is being paid by Bank of America and its partners in the settlement, is not nearly enough to cover the damages done due to the housing bubble bursting and the continuing recession.

Officials intimately close to the case have stated that Bank of America has come to a record breaking $17 Billion settlement to conclude the investigation in the role of selling the mortgage-backed securities prior to the 2008 financial fiasco.  An official, who requested to stay anonymous, stated that Bank of America will come forward with $7 billion in consumer relief and $10 billion in cash.  In the last yet Citigroup had a settlement of $7 billion and JPMorgan Chase & Co. had its settlement for $13 billion and like Bank of America, their settlements were distributed in both cash and “credits” for consumer aids; however, Bank of America has at the largest settlement deal thus by at least $4 billion.

The negotiation was done through a joint state and federal working group created by President Barack Obama 24 months ago along with the Justice Department and several other state and federal authorities. The settlement proceeds are expected to be shared among the participating states. Bank of America must admit that it had severely misguided the quality of the mortgage-backed residential securities by Merrill Lynch, Countrywide Financial and itself as part of the deal. The settlement is designed to accommodate those individuals whose mortgages were combined into securities by Bank of America, Merrill Lynch, and JPMorgan Chase & Co and then sold to investors.

The securities were endorsed as almost safe investments, although the residential-mortgages included homeowners who were questionable at best about repaying their loans, until investors experienced the market crash and lost billions of dollars. The lack of quality of the loans kick started the recession in 2007 causing enormous losses for the investors and an abundance of foreclosures.

The monies actually being paid by the banks responsible for these dubious practices are not nearly enough to cover the damage done due to the housing market and economy during the subsequent recession.

From 2004 to 2008, the three banks combined provided $965 billion is mortgage-backed securities. Countrywide issued about 75 percent of that total. Bank of America disputed that its liability for the sub-prime mortgages provided by Merrill Lynch and Countrywide. Bank of America was charged, in a federal lawsuit in 2013, for distorting data about the underlying mortgages and defrauding and failing to disclose risks of the residential mortgage-backed securities to its investors. A civil action was also filed by the Justice Department against Bank of America claiming it violated the Financial Institution Reform, Recovery, and Enforcement Act.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Do’s and Don’ts of Bankruptcy

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Bankruptcy can be a daunting endeavor for many people. However, the honest but unfortunate debtor has nothing to fear as long as you follow the “Do’s and Don’ts”

DO: Be honest about all of your assets. Even if you think there is a chance that you might lose it, there are probably other ways in which your attorney can prevent that or you may need to come to terms with that possibility. If you don’t list it and the court finds out, it will be taken or the case will be dismissed for fraudulent activity.

DON’T: Transferring property to someone else before or during the filing of the bankruptcy case can be devastating. Avoid transferring property at all cost. When the court finds out, they will dismiss your case and you will be left with the overbearing debts.

DO: Provide all documentation requested by your attorney and his team. This is imperative, as without the documents requested your case stops moving forward and it can eventually force the court to dismiss your case for not having the documents required to proceed. The sooner you can get the documents to your attorney and their staff  the better.

DON’T: If talking to your creditors had helped, you wouldn’t need to file for bankruptcy. Most creditors are now just attempting to obtain information from you for their benefit. When and if they call, just provide them with your attorney’s information so that they may speak with him/her directly or a designated member in their staff.

DO: Include all of the creditors in your bankruptcy. Although bankruptcy can be a difficult thing to go through, at the end of the process there is financial freedom. Review your financial records and provide all your creditors so that you can have a fresh start at your finances again.

DON’T: Charging your credit cards with luxury items and/or trips that you never intended on paying back or were clearly over your budget, and then file for bankruptcy is a big no-no.  The court will see this as abuse and will deny your case and force you to pay back your unsecured debts. Debt might be the least of your problems if the court knows you have lied or cheated as you will have signed your bankruptcy papers under “penalty of perjury”.

DO: Ask your attorney any and all questions about your bankruptcy. Get to know your attorney before you sign with him/her. Remember that bottom dollar doesn’t always mean quality representation and vice versa.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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