Florida homeowners walking away from underwater mortgages

Florida homeowners walking away from underwater mortgages: Duque’s game plan is known as a strategic default – when borrowers walk away from loans, even if they can afford the payments. Here is a look at the benefits, the risks and the ethics of such a move.

The Real Deal | South Florida Real Estate News

The Real Deal South Florida Real Estate News: "Survey predicts South Florida price drops will be worst in the nation

October 21, 2009 05:30PM

Miami will be the worst-hit market for falling property prices in the country, according to a report by Fiserv, a financial information and analysis firm. Declines in single-family home prices here are forecast at 29.9 percent by June 2010, the biggest tumble of all 381 metro areas surveyed in the report. Orlando fared second worst, with values shrinking 27 percent, the report said. Prices are forecast to fall another 26 percent in Fort Lauderdale. Nationwide, Fiserv predicts home values will slide 11.3 percent. It's the worst view of the Miami market to come out in some time, as recent Case-Shiller surveys have shown prices were stabilizing. [Miami Herald]"

Homes: About to get much cheaper

Homes: About to get much cheaper - Oct. 20, 2009: National home prices are forecast to shrink another 11%. Miami, Las Vegas and Phoenix will record steep declines, but a few cities will actually post gains."

Miami foreclosures nearly double last year's figures

The Real Deal South Florida Real Estate News:

Miami-Dade County foreclosures in September nearly doubled from a year ago, and Florida became the fourth-worst state for foreclosures in the nation, behind Nevada, Arizona and California, according to RealtyTrac. South Florida's biggest county saw a 94 percent increase in foreclosures from a year ago, with 5,721 suits launched. Broward County saw a 2 percent increase, with 3,493 homes entering foreclosure. Palm Beach County saw a 20 percent increase from a year ago. Statewide foreclosures rose 15 percent compared to a year ago, with a total of 55,036 homes in some stage of foreclosure. [Miami Herald] and [SFBJ]"

Foreclosures rise 5% from summer to fall

Foreclosures rise 5 percent from summer to fall: "WASHINGTON (AP) – Oct. 15, 2009 – The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs."

Survey: Most economists see recovery starting

Survey: Most economists see recovery starting: "NEW YORK (AP) – Oct. 14, 2009 – More than 80 percent of economists believe the U.S. recession is over and an expansion has begun, but they expect the recovery will be slow as worries over unemployment and high federal debt persist."

South Florida Foreclosure stats for the week

Foreclosure stats for the week

Top Buildings

Photographing new condo buildings in Miami for our "Top Buildings" section. (top to bottom: Continuum 2, Apogee, and Icon Brickell)

Tibor Hollo, deal for buyers

Tibor Hollo, South Florida's dean of the deal, is thriving - Business - MiamiHerald.com: "Miami developer Tibor Hollo is offering at least one salve for would-be buyer anxiety: A no-income, no-assets, no questions-asked loan for 75 percent of a unit's value, plus a money-back guarantee."

Bailed-out homeowners often re-default

More than 50% of the homeowners who had mortgage modifications in early 2008 have since missed at least two payments.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=224514

Record streak for pending home sales

National Association of REALTORS: The Index, up 6.4% in Sept., has increased for seven straight months - the longest upsurge since the series began. http://tinyurl.com/y8potre

The Real Deal | South Florida Real Estate News

The Real Deal South Florida Real Estate News:

"History says home prices haven't yet hit bottom"