Homeowners and condominium association were doing an adequate job of collecting monies due to them including write-offs that were so troublesome or hard for the association to deal with. This is all before the market crashed in 2008, where the court system became highly overwhelmed with mortgage foreclosures and unchallenged cases would typically take at least 3 years to finalize. Associations have had to make changes in their collection policies because of submissive terminology in their governing documents and Florida statues.
Palm Beach County has a small increase in new foreclosure cases in September; however, they were still lower than in September of last year. This is all according to the Clerk & Comptroller’s latest statistics in Palm Beach County. In September, 484 new foreclosure cases were files. 480 cases were filed in August providing a 0.83 percent increase but there was an 11.5
An absurd amount of Americans are questioning whether or not they should refinance their mortgage due to the unexpected fall of rates last week. These inquiries were coming in by the millions from current homeowners and soon-to-be-homeowners who are looking for a bargain. The favorable circumstance came from the commotion that got the financial market, affecting the bond yields and the stock prices that sent them sliding.
Lenders are granting non-U.S. resident’s better access to credit in order to finance investment properties or vacation homes. This is being done through a foreign-national mortgage without them ever having to step in the U.S. This loan services for people abroad requires that they put at least 40 percent down on a property. These international investors are assisting close the gap left by the American people.
As the real estate market has begun to cool down, many builders are throwing incentives to prospective buyers to see who will bite. Some are including pools or built-in barbecues while others are agreeing to cover up to $10,000 in closing costs or subsidize mortgage rates. From Sacramento, California to Orlando, Florida builders are doing their best to entice buyers by providing more freebies for new-homes.
The increase in home prices has begun to slow down due to less interest from investors. In a seasonally adjusted basis, during the month of June, property prices only rose 0.1 percent, according to the Federal Housing Finance Agency as opposed to the estimated 0.5 percent that was predicted by data gathered by Bloomberg. After helping to drive prices up, investors are now pulling back due to a decrease in foreclosures and other homes at reduced prices.
During the recession property values were so high and obtaining credit was almost as simple as getting something out of a vending machine that many owners took out two and even three mortgages. However, when the market crashed and the surplus ended many were left swimming upstream without a paddle. With such a large amount of debt hanging over their heads, an abundance of people were and continue to seek after financial freedom via bankruptcy.
Florida’s legal aid societies are slowing crumbling. This society is in place to assist the poor in battling foreclosures and evictions and collecting government benefits. However, the legal aid societies are in peril. Due to financial cuts from the state, local governments, and the Florida Bar Foundation the organization might not be allowed to remain open for much longer.
There have been lawyers furloughed, as well as pay cuts, in order to allow the program to run for a while longer.
The U.S. bankruptcy trustees have initiated a developmental program that could drastically quicken the sale process of home by Fannie Mae, Freddie Mac and other major lenders. Instead of allowing properties to sit on the sidelines while the bankruptcy process plays out, the program would cut years off the sale of said properties and received compensation from sold properties to repay unsecured lenders.
Miami’s foreclosure rate has fallen by 5.9 percent in July. This has been its lowest point since the crash of the housing market. Unfortunately, Miami, which also includes Miami Beach and Kendall, are still among the highest in the country. The number of outstanding mortgages averages at about 1.7 percent in the county, while in Miami it is almost 3 times that percentage.