Fleysher Law Blog

median prices

South Florida Median Home Prices Jumped 21% in December 2012

The expectations for the year 2012 to be a good one for residential property values in South Florida were high. And, it did not disappoint. The median prices of south Florida homes rose again in December; up 21 percent from December a year ago to $230,000. After a long downturn, home prices climbed steadily throughout the year 2012 with December at the peak. Median prices of Palm Beach County homes

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Foreclosure Activity

Florida Leads Nation in Foreclosure Activity in 2012

The year 2012 was a good one for Florida’s home prices. However, for the first time, Florida surpassed Nevada. It took the number one spot for having the most foreclosure activity in the United States. With a 53 percent increase in foreclosure filings for the year, some analysts worry about the effect this will have on growing home values within the state. Nevada, Arizona, Georgia, and Illinois follow Florida; taking

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New Mortgage Lending Rules

Federal Government Announcing New Mortgage Lending Rules

In an effort to stabilize the future of our housing market, the government is announcing new mortgage lending rules. Although the new rules may decrease the number of loans made overall, they are necessary for this country. That is in order to maintain a stable housing market. According to the Chicago Tribune, “For most borrowers, the rules will mean no more interest-only mortgages, no more loans where the principal due

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Paid-Off Mortgages

21 Million Americans have Paid-Off Mortgages

The number of paid-off mortgages is pretty high. According to a Zillow analysis, about 21 million Americans (or 29.3 percent of homeowners) own homes unencumbered by mortgages. Out of these, the largest group composed of 65-74-year-olds makes up about 20 percent. Also, Zillow found 34.5 percent of 20-24-year-olds are also own their homes outright. Only 28 percent of homeowners in the Miami-Fort Lauderdale area are debt-free, i.e., have paid-off mortgages;

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New Bill

New Bill would Speed Up the Foreclosure Process in Florida

Currently in Florida, it takes an average of 600 days for the foreclosure process to be completed. This figure is the average among both contested and uncontested cases. Last year a bill designed to speed up the process faced protests and consumer outcry and did not pass. This week, Rep. Kathleen Passidomo proposed a new bill, HB 87, which is a more moderate version. But, it still aims at speeding

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Mortgage Forgiveness Relief Act

Mortgage Forgiveness Debt Relief Act Extended through 2013

After much delay and anxiety, the Mortgage Forgiveness Relief Act got an extension through 2013. Part of the fiscal cliff deal signed by Congress this past December dealt with the tax consequences. The consequences that loan modifications, short sales, and foreclosures have on the American taxpayer. Their decision extended the current Section 108(a)(1)(E) so it expires December 31, 2013. In fact, current tax law states that anytime a reduction of

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Foreclosure Settlement

Banks to Pay $8.5 Billion in Foreclosure Settlement

Ten banks have an involvement in an agreement; brokered by the Federal Reserve and the Office of the Comptroller of the Currency; resulting in $3.3 billion in direct payments to borrowers. And, $5.2 billion in other assistance such as loan modifications and forgiveness of deficiency judgments. Banks included in this foreclosure settlement are Aurora, Bank of America, Citibank, JPMorgan Chase, MetLife Bank, PNC, Sovereign, SunTrust, U.S. Bank, and Wells Fargo.

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Bank of America and Fannie Mae

Bank of America in $10 Billion Foreclosure Settlement With Fannie Mae

As part of Bank of America’s continued effort to settle with Fannie Mae, the bank has announced approximately $11.6 billion dollars worth of settlements. Also, a $1.8 billion dollar sale for the collection rights to home loans. Bank of America is paying $3.6 billion to Fannie Mae; to buy back $6.75 billion in bad loans that the bank had mistakenly sold to the government. This deal will successfully clear up

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