Economic slowdowns even hit the wealthy and for the rich or the over-extended this real estate crash is serving a serious blow to vacation resort markets like those in Florida, Colorado, Hawaii and California. The second home market saw the largest run-up in prices in U.S. history and the fallout is devastating markets, many of… Continue reading Vacation Resort Markets Turn Around
Category: Florida
Florida housing market
Sunshine States Carry Foreclosure Slide
By Mike Colpitts Major sunshine state metropolitan areas accounted for the top 19 of 20 foreclosure rates in the U.S. during the third quarter of the year, according to the quarterly report compiled by RealtyTrac. California, Florida, Nevada and Arizona cities had the highest number of repossessed residential properties. Among all the metro areas tracked… Continue reading Sunshine States Carry Foreclosure Slide
Illegal Foreclosures Charged in Investigation
Members of Congress are fed up with bankers and Fannie Mae and they’re letting them know it. In a letter signed by three Democrats, including the leader of the banking over-sight committee chairman Barney Frank, lawmakers complained to Fannie Mae for retaining lawyers who run “foreclosure mills” that are being investigated for illegally foreclosing on… Continue reading Illegal Foreclosures Charged in Investigation
$23 Billion in Home Buyer Tax Credits
The credit to home buyers taking advantage of the federal government’s tax credit has reached $23.5 billion, according to the Internal Revenue Service. Some $16.2-billion was for the first time home buyers $8,000 credit and $6,500 grants to first and second time buyers. The tax credits produced a spike in home sales in the majority… Continue reading $23 Billion in Home Buyer Tax Credits
Miami Condo Sales Soar
By Kevin Chiu Once the nation’s epicenter in the real estate collapse Miami, Florida condo sales are soaring, up 43% over year ago levels, according to the Miami Association of Realtors. The Miami housing market has now experienced rising sales for nearly two straight years. Miami ’s condominium market tanked even before the financial crisis… Continue reading Miami Condo Sales Soar
Home Builder Sales Boom with $99 Down
By Mike Colpitts While most home builders are struggling to survive or have already gone out of business, one company is flourishing as it sells homes for just $99 down, taking advantage of a government program that provides the financing. Homebuilder Highland Homes sales are booming as it helps home buyers move into new Central… Continue reading Home Builder Sales Boom with $99 Down
$100 Home Deal Not Dead
The federal $100 home deal that started out in one of the nation’s hardest hit foreclosure centers is expanding into more states. The move is part of government efforts to revitalize neighborhoods devastated by the foreclosure crisis. The program was launched in Cleveland, Ohio allowing non-profits to take control of homes that were foreclosed as… Continue reading $100 Home Deal Not Dead
Florida under Siege by BP Oil Spill
By Mike Colpitts Resting on star power and little government regulation of the oil industry over the last two decades, the BP oil spill is likely to provide a one-two-punch to Florida’s ailing economy, pulling real estate prices down further, decimating their already bargain rate prices. Florida is under siege. The greatest environmental disaster in… Continue reading Florida under Siege by BP Oil Spill
Flooded Counties Outsource Foreclosure Sales
By Kevin Chiu As the foreclosure crisis hits its peak, counties across the country are flooded with default filings. Many can’t keep up with the record volume as county recorder offices drown in the massive onslaught. Especially hard hit counties are taking foreclosure sales off the courthouse steps, outsourcing them to auction services online. Some… Continue reading Flooded Counties Outsource Foreclosure Sales
New Law Forces Banks to Pay Up
By Kevin Chiu A new law that forces banks to pay up delinquent homeowner association fees, could signal the beginning of a national movement. The new state law, known as the Distressed Community Association Relief Act was signed by Florida Governor (R) Charlie Christ and is intended to help condo and homeowner associations that are… Continue reading New Law Forces Banks to Pay Up